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Delaware court upholds Barnes Noble ruling
Law Center |
2011/03/03 08:46
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| pThe Delaware Supreme Court has rejected an appeal by billionaire Ron Burkle in a lawsuit challenging a poison pill plan adopted by Barnes amp; Noble Inc. after he doubled his stake in the company./ppAfter hearing arguments Wednesday, the court on Thursday affirmed a judge's ruling last year upholding the poison pill plan, which limited a shareholder's stake in the company to 20 percent./ppBurkle argued that New York-based Barnes amp; Noble had created an unfair playing field favoring the family of chairman and founder Leonard Riggio, which owns more than 30 percent of its common stock./ppBurkle waged an unsuccessful proxy fight after the ruling but said he would continue to press for changes at the nation's largest brick-and-mortar book seller./p |
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