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 17,105.62 -295.13 -1.70%
Nasdaq 4,588.49 -119.49 -2.54%
S&P 500 1,996.37 -41.04 -2.01%
Treasuries 1.46 -0.11 -7.22%
Data as of 11:13am ET
Company Price Change % Change
Bank of America Corp... 12.26 -0.74 -5.68%
Citigroup Inc 38.69 -1.61 -4.00%
Ford Motor Co 12.01 -0.51 -4.06%
Micron Technology In... 12.38 -0.83 -6.28%
Apple Inc 91.83 -1.57 -1.68%
Data as of 10:58am ET
Sponsors

Sections

For the past 20 years, any airline based in a European Union country has been able to fly anywhere within the single market whenever it wants. Brexit complicates that immensely for a host of carriers. More

One of Trump's advisers is firing back at the Moody's Analytics 'hit piece' that claimed the GOP candidate's plans would throw the U.S. into a recession. More

Cozmo, a complicated piece of engineering and artificial intelligence in the body of a toy, just wants to be loved. More

Struggling to pay off your student loans? Here are four steps to making it quicker and easier -- from someone who's paid down $100,000. More

approved.blancoo
asmith.oblanco