Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Barnes & Noble fends off dissident shareholder

By Aaron Smith, staff writer


NEW YORK (CNNMoney.com) -- The bookseller Barnes & Noble said on Tuesday that shareholders rejected a bid by dissident investor Ronald Burkle to expand his ownership of the bookseller.

Barnes & Noble (BKS, Fortune 500) said the preliminary results showed that shareholders voted down an attempt by Burkle's investment firm, The Yucaipa Companies, to overturn a so-called poison pill, which caps Yucaipa's ability to own more stock in the company.

"We are pleased by the shareholder support we received," said Leonard Riggio, who was re-elected as board chairman and who owns more than one-third of the company's stock.

Yucaipa spokesman Frank Quintero said that its 19% share of Barnes & Noble stock makes it difficult to take on Riggio, who owns a 36% share. But he said that the majority of outstanding stockholders voted in favor of Yucaipa.

Yucaipa founder and chairman Burkle said, in a press release, that he wanted "to thank the independent stockholders who supported us by more than a wide margin."

He also said "it is nearly impossible to do something Leonard Riggio doesn't want to do because of his built-in voting advantage."  To top of page

Index Last Change % Change
Dow 18,471.79 -99.06 -0.53%
Nasdaq 5,093.70 -6.46 -0.13%
S&P 500 2,165.65 -9.38 -0.43%
Treasuries 1.57 -0.00 -0.13%
Data as of 2:27pm ET
Company Price Change % Change
Chesapeake Energy Co... 5.15 -0.24 -4.43%
Micron Technology In... 13.94 0.81 6.17%
General Electric Co 31.58 -0.48 -1.51%
Yahoo! Inc 38.46 -0.92 -2.34%
Bank of America Corp... 14.36 -0.03 -0.17%
Data as of 2:13pm ET
Sponsors

Sections

HSBC banker arrested at JFK airport as he prepared to leave the country. He and former trader face federal charges they manipulated currency trades. More

A big factor behind the recent rally on Wall Street is how scary the rest of the world looks. By comparison, American stocks look like a safe bet. More

The FUBU founder speaks out for the first time about how he's using the iPhone and smart hearing aids to stream phone calls, listen to music and improve his everyday life. More

approved.blancoo
asmith.oblanco