Barnes & Noble Chair Wins Proxy Fight
GDA Staff -- Gifts and Dec, 9/29/2010 12:56:56 PM
New York — Barnes & Noble's shareholders rebuffed a proxy challenge. The bid to oust management and its 
poison pill provision was spearheaded by stockholder Ron Burkle and his company Yucaipa. Chairman Len Riggio and the company's other nominees won election to the board.
Shareholders representing 44 percent of the shares voted chose the Barnes & Noble slate, while 38 percent backed Burkle's slate, according to the New York Times. Riggio's family owns 36 percent of the company and Burkle's company, 19 percent. Some 43 percent of shareholders rejected Burkle's proposal to amend the anti-takeover "poison pill" which prevents him or any individual from buying more than 20 percent of the company's stock. About 39 percent supported the proposal.
Riggio and Burkle were expected to face off at the meeting, according to the LA Times, but Burkle declined at the last minute. "They changed their mind five minutes before the meeting started," Barnes & Noble lawyer Scott Barshay said after the meeting.
According to Publisher's Weekly the bookstore chain, which remains for sale, plans to add new categories such as toys, games and electronic goods both online and in-store, as well as growing its digital sales.
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