G Asset Management has submitted an offer to acquire 51% of Barnes & Noble’s outstanding shares, according to MarketWatch.  The price the little known investment firm is offering is $22 a share, substantially higher than $17.69, where the stock closed on Friday.  Given that the offer was revealed on Friday morning, a share price so far below the offer price (even though it went up 5% on Friday) indicates that investors do not believe that the proposed transaction is likely to close. 

G Asset is unlikely to have the necessary cash, and would have to borrow to finance the purchase, according to the report. 

G Asset suggested that if it is unable to acquire 51% of the company’s shares, that it would be interested in acquiring the company’s Nook business at $5 a share.  

The investment company said that the $22 offer was an increase from a $20 offer made late last year.  That offer was never disclosed by either company, perhaps indicating that B&N did not consider it a serious offer.