Burkle to keep fighting Barnes & Noble poison pill

By Reuters
Posted Sep. 2, 2010 at 2:20 p.m.

Billionaire investor Ron Burkle plans to appeal a Delaware court ruling that upheld a  “poison pill” put in place by bookseller Barnes & Noble Inc.

Burkle, Barnes & Noble’s second largest shareholder with 18.8 percent,  is locked in a proxy battle with the largest U.S. bookstore chain. He is seeking to install three directors, including himself, at the company’s annual meeting this month.

A Delaware Chancery Court judge in August ruled that the anti-takeover measure would not prevent Burkle from winning a proxy contest.

Burkle’s investment firm, Yucaipa Cos., said in a statement that the case should be decided by the Delaware Supreme Court.

A Barnes & Noble spokeswoman did not immediately respond to request for comment.

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