Burkle after Barnes & Noble

Last week he was going after Barneys, and now the L.A. billionaire wants to buy up as much as 37 percent of the struggling bookstore chain. Except that he's getting pushback from the Riggio family, which founded the company and has established a shareholder rights plan designed to thwart Burkle's interest. Burkle says in a letter that "the board is sending a message to the other shareholders and the investing community that Barnes & Noble is a company controlled and operated for the benefit of selected insiders." From the WSJ:

One person familiar with the matter said Mr. Burkle had a good relationship with chairman Len Riggio and was surprised by the poison pill. Mr. Burkle "likes the company and loves the brand" which he thinks "has a magic that's like what Apple has," this person said.