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."
New York Magazine reporter Jessica Pressler, who has been caught up in controversy this past week, will not be moving on to a new job at Bloomberg News. More
Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More
The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%. More