ANN ARBOR, Mich., Dec. 6 (UPI) -- U.S. bookseller Borders Group Inc. confirmed Monday it was working toward acquiring rival Barnes & Noble.
The Detroit News reported that activist investor William Ackman, who owns 37 percent of Borders, had submitted a filing with the Securities and Exchange Commission, offering to finance a purchase at $16 per share.
Both companies are struggling to remain competitive in a market increasingly dependent on the Internet.
Google said Monday it had opened its online bookstore, starting the venture with 3 million titles available.
"We have previously expressed to Barnes & Noble our interest in such a business combination and we look forward to continuing those discussions,"
Borders spokeswoman Mary Davis said Monday.
A Barnes & Noble spokeswoman would not comment.
The New York company said previously it was looking for a buyer, but last month said indicated it might not sell.