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 21,310.66 -98.89 -0.46%
Nasdaq 6,146.62 -100.53 -1.61%
S&P 500 2,419.38 -19.69 -0.81%
Treasuries 2.20 0.06 2.85%
Data as of 8:46pm ET
Company Price Change % Change
Advanced Micro Devic... 13.40 -0.68 -4.83%
Bank of America Corp... 23.27 0.38 1.66%
General Electric Co 27.21 -0.40 -1.45%
Chesapeake Energy Co... 4.80 0.13 2.78%
Micron Technology In... 31.66 -0.84 -2.58%
Data as of 4:15pm ET
Sponsors

Sections

The City of Los Angeles says that the fast food chain underpaid workers at multiple locations for six months in 2016. More

Under the Senate health care bill, many Americans would end up paying more for doctors' visits and treatment. More

The Silicon Valley startup adds Andrew Ng to its board and raises $50 million to finance public testing. More

After years of a steadily improving stock market, it's only a matter of time before the tides turn and the market falls once again. Here's how to protect yourself when the market inevitably takes a turn for the worse. More

approved.blancoo
asmith.oblanco