Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

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.

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