Back in September, billionaire Ron Burkle lost his proxy war with Barnes & Noble's board, failing to kill the poison pill that kept him from upping his stake in the company. That made Wednesday's shareholders meeting all but a formality. But what's next for the nation's largest bookseller?
Barnes & Noble is hoping to boost holiday sales by testing new toy sections, following the "store-within-a-store" model, in five of its locations.
Barnes & Noble successfully defended itself in a proxy fight with billionaire Ron Burkle, who wants to gain control over the troubled bookseller. But Burkle hasn't given up, and a new SEC "shareholder access" rule could help in his quest.
A bitter proxy fight climaxed at Tuesday's shareholder meeting. In the end, B&N Chairman Len Riggio's defeat of dissident shareholder Ron Burkle was more fait accompli than 11th-hour surprise. And it left lots of questions unanswered.
Barnes & Noble's board has sent a letter to shareholders urging them to vote to rebuff investor Ron Burkle's battle to control the bookseller. The letter is part of annual-meeting materials B&N mailed to shareholders, formally launching its proxy battle.
Ron Burkle drew first blood in the looming battle at the annual shareholders meeting, but founder and Chairman Leonard Riggio isn't backing down. He's hiking his stock holdings and staying on the board ballot while two others vacate their seats.