Reuters: Global Markets: Jana sells 1 million of its Barnes & Noble shares

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Jana sells 1 million of its Barnes & Noble shares May 3rd 2012, 18:34 Thu May 3, 2012 2:34pm EDT (Reuters) - Hedge fund Jana Partners LLC sold 1 million of its shares in Barnes & Noble Inc (BKS.N) on Monday, the day the top U.S. bookstore chain announced a deal with Microsoft Corp (MSFT.O) that sent its shares up 51.7 percent. Jana, which on April 11 bought 6.96 million shares, or 11.6 percent, in Barnes & Noble, sold 1 million of them on Monday, when the deal was announced, according to a regulatory filing late Wednesday. Microsoft invested $300 million in a new Barnes & Noble unit encompassing its Nook digital business and its College bookstore chain, news that sent Barnes & Noble's shares up as much as 90 percent to $26 during the day. Shares closed at $11.73 on April 11. Jana's remaining 5.96 million shares leave it with a 9.9 percent stake in Barnes & Noble. Barnes & Noble shares were down 3.9 percent to $17.86 in afternoon trading on Thursday.

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