Barnes & Noble, Inc. (NYSE:BKS) shares are higher as an activist investor is urging the company to sell itself.

Sandell Asset Management, a private, alternative asset management firm said the books retailer could find a suitor willing to pay $12 a share to acquire it in a “going private transaction.” The firm wrote a letter to Barnes & Noble, saying it was seeking constructive dialogue with its board.

The investor — which has a “meaningful ownership stake” on the company — said that it believes it is a difficult time for retail stocks as the stock’s price does not accurately reflect the value of the bookseller if it remains a stand-alone company. The letter was sent to the board of directors.

“Neither Mr. Sandell nor anyone from his hedge fund has reached out to us yet, but we welcome constructive dialogue with all of our shareholders,” said Mary Ellen Keating, a Barnes & Noble spokesperson.

It has been a difficult economic climate for booksellers and other brick-and-mortar retailers as the e-commerce industry continues to rise, taking over the business of traditional book stores.

Sandell added in its letter that people still like physical books and brick-and-mortar locations still have more to give. Barnes & Noble has more than 630 stores around the U.S.

BKS stock surged 13.1% Tuesday, now selling at $7.98 a share.