News Barnes & Noble Booksellers in Proxy Battle
posted on 2010-08-16 23:37 EDT
The management of the bookseller chain Barnes & Noble is in a proxy fight with investor Ronald W. Burkle after a possible settlement faltered on Thursday according to The New York Times newspaper. Burkle has been fighting for months with the largest shareholder and chairman, Leonard S. Riggio, who are both considered potential bidders for the company after it announced on August 3 that it was being put up for sale. Burkle told The New York Times newspaper his reasons for the proxy battle. "We believe the incumbent board is rife with business and personal conflicts and historically has been a rubber stamp for the Riggio family's interests," he said.
Also on Thursday, a Delaware state judge rejected Burkle's suit against Barnes & Noble. In the suit, Burkle tried to remove a provision that prevented anyone from gaining more than 20 percent of business without board approval. Burkle owns 19 percent.