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.
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.
Apart from the many strategic issues that have weighed down Barnes & Noble's stock price, there's another good reason for the company to put itself up for sale: An effort to liberate itself from the manipulations of investor Ron Burkle.
The ongoing battle between Barnes & Noble and its second-largest shareholder, Ron Burkle, has recently escalated. Things have gotten so bad that both sides have now landed in the courtroom.
With the stock plunging and a trial between key shareholder Ron Burkle and top company execs heading to court, signs point ever more clearly to the possibility that Barnes & Noble will go private. And that just might be the right move.
Billionaire Ron Burkle is still fighting B&N's rejection of his bid to increase his holdings late last year, complaining in a letter to the board that it is trying to protect the financial interests of chairman Leonard Riggio and CEO Steve Riggio.
Billionaire investor Ron Burkle has set his sights on Barnes & Noble. He wants a 37% share in the book retailer, but poison pill rules limit his maneuvering room. So he's fired off a letter to the board seeking a rule change.