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.
After losing in court, renegade investor Ron Burkle is poised to launch a proxy contest for Barnes & Noble that will be tinged by animosity between Burkle and B&N founder and chairman Leonard Riggio.
The fight between Barnes & Noble and its second-largest shareholder, Ron Burkle, appears to be over. A deal has apparently been reached that would give Burkle three board seats in exchange for dropping his suit.