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What: Shares of the nation's largest book chain Barnes & Noble (NYSE: BKS) surged 30% on Friday after announcing that Liberty Media (Nasdaq: LCAPA) offered to acquire it for about $1 billion.

So what: The all-cash offer values Barnes & Noble at $17 per share and represents a 20% premium to its Thursday closing price. Barnes has been on the selling block for almost a year now in the face of intense digital competition, but with the solid backing from a new-age media conglomerate like Liberty, its eBook platform should be able to hang a lot better with the likes of Amazon (Nasdaq: AMZN) and Apple (Nasdaq: AAPL).

Now what: I'd be cautious about chasing the stock right now. While the reaction from Barnes investors reflects expectations of a higher offer, there's still no guarantee that the proposal will even lead to a final transaction. Given the risks that still remain of the deal falling through (however small), not to mention Barnes' questionable stand-alone qualities, taking some money off the table seems prudent.

Interested in more info on Barnes & Noble? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended Amazon and Apple. The Motley Fool owns shares of Apple and Motley Fool newsletter services have recommended creating a bull call spread position in it. Try any of our Foolish newsletter services free for 30 days.

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