Borders Group reevaluates issuing convertible notes

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Borders Group reevaluates issuing convertible notes

Apr 05 2007

Borders Group owners of Borders and Walden bookstores is "reevaluating" the $250 million of convertible senior notes it was planning to issue today in order to pay off other debts. The turnaround is due to "shareholder feedback." David Dreman, whose Dreman Value Management LLC is the company's largest shareholder, said he didn't contact Borders about the notes but that he is aware of shareholder opposition from those that own big blocks of shares, because they think this would "possibly hurt their ability to open the room for an eventual buyout.''

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