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."
The company continues to struggle with convincing marketers to pay as much for mobile ads as they do for desktop ads. More
Pamela Knighton, a 51-year-old social worker from Cuthbert, Ga. who earns less than $25,000 a year, had been really looking forward to her $4,300 tax refund last year. More