Investment firm G Asset wants to buy 51 percent of the Barnes & Noble bookstore chain for about $672 million.
The New York company says it will offer $22 per share, 31 percent above the stock's closing price on Thursday. Barnes & Noble has about 60 million shares outstanding.
G Asset said Friday that the bid is $2 more per share than an offer it made to Barnes & Noble in November.
As an alternative, G Asset has offered to buy a controlling stake in Barnes & Noble's Nook e-reader and e-book business, valuing it at $5 per share.
New York-based Barnes & Noble says it has received the offer but did not comment further. It is struggling to improve its business as the book market shifts to digital.