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Dec. 6, 2010 / 3:10 PM

Borders considers buying Barnes & Noble

Nancy Rosen reaches for a copy of Former Alaska Gov. Sarah Palin's new book "Going Rogue: An American Life" at the Woodland Mall Barnes & Noble in Grand Rapids, Michigan on November 18, 2009. Palin is continuing the book signing tour in the coming weeks with stops at select Barnes & Noble stores in Virginia, Iowa, Minnesota, South Dakota and Florida. UPI/Brian Kersey

Nancy Rosen reaches for a copy of Former Alaska Gov. Sarah Palin's new book "Going Rogue: An American Life" at the Woodland Mall Barnes & Noble in Grand Rapids, Michigan on November 18, 2009. Palin is continuing the book signing tour in the coming weeks with stops at select Barnes & Noble stores in Virginia, Iowa, Minnesota, South Dakota and Florida. UPI/Brian Kersey | License Photo

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.

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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.

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