Burkle talks collapse

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.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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