June 02, 1999 B&N Calls Off Acquisition of Ingram Barnes & Noble and the Ingram Book Group announced on June 2 that they were terminating B&N's planned acquisition of Ingram, which was announced last November. In a prepared statement, B&N said that the company's application before the Federal Trade Commission for the purchase "will be formally withdrawn today." The move comes a day after numerous press reports stating that the FTC staff would be recommending to the full commission that it not approve B&N's proposed $600 million acquisition of Ingram because it violates U.S. antitrust law. B&N stated today that "although both companies believe that the transaction would ultimately be approved in the courts, protracted litigation would not be in the best interests" of B&N or Ingram. Looking ahead, B&N said that it would be implementing alternative plans, including the construction of two new distribution centers, in Reno, Nevada, and Memphis, and that it would "continue to work closely with Ingram." Topics: B&N/Ingram, ABA Flash,