Wednesday, September 29, 2010

Riggio Wins Barnes & Noble Battle

NYTimes.com: "The company still has a large number of shareholders who question its strategy, but it won some breathing space on Tuesday after shareholders backed its three candidates for the board, including its chairman, Leonard S. Riggio, over a slate led by the investor Ronald W. Burkle. A preliminary tally showed that about 44 percent of the shares voted for the Barnes & Noble slate, while 38 percent voted for the candidates named by Mr. Burkle’s investment firm, the Yucaipa Companies. Shareholders also rejected a proposal by Yucaipa to remove a poison-pill plan aimed at limiting Mr. Burkle’s holdings to under 20 percent."