Barnes & Noble Education Inc., the educational solutions provider based in Basking Ridge, said Monday that it has completed a review of its strategic opportunities and intends to continue with its current business plan.
The company’s board of directors had announced its review in December 2019, and now has unanimously determined to stay the course, it said in a news release.
The review factored in the COVID-19 pandemic, which has had a dramatic effect on education through the state and nation. The company said, however, that it has made “significant progress” on its digital transformation strategy — all the more important during the ongoing shift to remote learning caused by the coronavirus crisis.
“Following the conclusion of a strategic review process by our board and its advisers, which included, among other things, discussions with third parties about the potential acquisition of all or part of the company, we are confident that BNED is on the best path forward to enhance shareholder value as we deliver benefits for the institutions and students we serve,” Vice Adm. John R. Ryan, the company’s lead independent director, said in a prepared statement.
Morgan Stanley is serving as BNED’s financial adviser, and Gibson, Dunn & Crutcher LLP is serving as its legal adviser.
