Bill Ackman's Pershing Square offered to purchase Borders Group's (NYSE: BGP) businesses in Australia, New Zealand and Singapore for $135 million in a Schedule 13D/A filing with the SEC. The expected offer comes after the activist hedge fund recently completed a financing agreement with the bookseller that gave it a much-needed capital infusion.

Borders insists that the international units are worth substantially more than the $135 million offer and is looking at strategic alternatives other than the offer from Pershing Square. So far, the bookseller has not made any public announcements of a higher bidder but there is still a lot of time remaining.

Pershing Square also valued Borders' UK and Singapore businesses at $67.5 million in the event that it could not acquire the other businesses or the company wished to keep or sell them separately. Many of these international businesses remain strong despite a slowdown in the United States and could make a great acquisition for other booksellers.

Borders has found itself under pressure from lower discretionary spending by consumers and increased competition from online retailers like Amazon.com (NDAQ: AMZN). The bookseller is hoping that this latest capital infusion will give it the capital necessary to implement a series of strategic initiatives designed to improve sales and increase profits.

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