Barnes & Noble announced today that a special meeting of its shareholders has resulted in a vote to approve a shareholders rights plan. The vote, which ratified the poison pill provision adopted by B&N's board, saw roughly 72% of shares voting and 61% of shares outstanding supporting the measure.
The move comes as no surprise, since Rob Burkle, whose investment company upped its stake in the retailer significantly, put up no active oppossition. He had mounted his own slate of board nominees, but lost to the Len Riggio-backed group. Speaking to the vote, the company's board said: “We are very gratified by the overwhelming shareholder support for the Rights Plan, which we believe is a critical protection for Barnes & Noble shareholders.”
