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 17,646.77 -43.09 -0.24%
Nasdaq 5,140.43 12.15 0.24%
S&P 500 2,103.22 -0.62 -0.03%
Treasuries 2.17 -0.03 -1.45%
Data as of 9:59am ET
Company Price Change % Change
Frontier Communicati... 5.02 0.31 6.46%
Apple Inc 122.29 0.99 0.82%
Tyson Foods Inc 39.83 -4.52 -10.19%
Bank of America Corp... 17.84 -0.04 -0.20%
AT&T Inc 34.79 0.05 0.13%
Data as of 9:44am ET
Sponsors

Sections

Some families are outraged at the sums they've been offered by Lufthansa as compensation for the Germanwings plane crash in March which killed 150 people. More

China's factories hit an unexpected speed bump in July, hiking concerns about slower growth in the world's second-largest economy. More

Luxury European automakers Audi, BMW and Daimler have teamed up to acquire Nokia's mapping and location services business for 2.8 billion euros ($3.1 billion). More

Candle-Lite is committed to manufacturing in America -- which is a good thing because it contributes more than $300 million to Ohio's economy. More

You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More

approved.blancoo
asmith.oblanco