Looks like Barnes & Noble could be in for a proxy fight. Negotiations between the giant bookseller and the L.A. billionaire fell apart today, with Burkle nominating three new directors, including himself, to the board. From the WSJ:
On Wednesday, the two sides had appeared on the verge of settling their differences and avoiding a proxy war, enabling the board to focus on the sale of the company. But as the two camps sat down to review final details during a conference call Thursday morning, negotiations broke down, according to people familiar with the situation.
Burkle, who really seems to have a hard time wrapping up deals (Miramax being the most recent example), wants to up his 19 percent stake to 37 percent. Mixed into the stew is Barnes & Noble putting itself on the market, with Chairman Leonard Riggio saying that he would consider forming an investment group to buy the company.