Barnes & Noble Inc.’s shareholders voted to keep Chairman Leonard Riggio on the board of the company he founded, rejecting an attempt by Ron Burkle’s Yucaipa Cos. to shake up the largest U.S. bookstore chain.
Barnes & Noble Inc. Chairman Leonard Riggio testified that he’s been displeased for years with Yucaipa Cos.’ Ron Burkle , who is asking a judge to change the bookseller’s “poison pill” anti-takeover defense so he can buy more of its stock.
Barnes & Noble Inc. founder Leonard Riggio suspended his efforts to bid for the company’s retail unit as losses widen at the bookstore chain. The shares fell, more than erasing their gain for the year.
Barnes & Noble Inc.’s founder and chairman, Leonard Riggio, told the bookstore chain he is interested in buying its consumer business and spinning out the unit that makes the Nook tablet, a person familiar with the matter said.
Barnes & Noble Inc.’s move to shelve a breakup plan for now steps up pressure on the biggest U.S. bookstore chain to stem losses at its e-book division and hatch a new plan for coping with the shift toward digital publications.