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Bitter battle comes to a head at Barnes & Noble

October 1, 2010

The war of words between the Riggio family and activist investor Ron Burkle came to a head this week at the Barnes & Noble annual general meeting when shareholders voted on Burkle’s proposals to change the company’s governance structure, writes Katie Barker

The war of words between the Riggio family and activist investor Ron Burkle came to a head this week at the Barnes & Noble annual general meeting when shareholders voted on Burkle's proposals to change the company's governance structure, writes Katie Barker.

The Riggio family succeeded in defending its position when shareholders voted to reinstate Leonard Riggio as chairman of the board and failed to pass Burkle's plan to loosen a poison pill provision that allows the family to hold the largest share.

Battle intensifies between activist investor and Riggio family

September 15, 2010

Yucaipa Companies, the investment firm of activist shareholder Ron Burkle, has sent a letter to his fellow shareholders to “set facts straight on company performance” and dispute claims made by the Barnes & Noble board on 9 September.

Yucaipa Companies, the investment firm of activist shareholder Ron Burkle, has sent a letter to his fellow shareholders to "set facts straight on company performance" and dispute claims made by the Barnes & Noble board on 9 September.

The letter, entitled "Enough with the fiction", accuses the Barnes & Noble board of attempting to "scare you with misleading statements about Yucaipa to distract you from the real issues."

Family business versus activist investor

September 10, 2010

Barnes & Noble, the US bookseller controlled by the Riggio family, has sent a letter to shareholders urging them to vote against proposals made by activist shareholder Ron Burkle.

In the letter, sent 9 September, the Barnes & Noble board asks shareholders to vote against both of Burkle's proposals at the annual general meeting on 28 September. It also attempts to outline how decisions taken by company management have increased shareholder value, contrary to Burkle's claims.

Activist shareholder to challenge court ruling at Barnes & Noble

September 3, 2010

US activist investor Ron Burkle shows no signs of giving up his efforts to gain greater control of bookseller Barnes & Noble when he announced that he is appealing a court decision involving control of the family-controlled company.

In August, a court in Delaware ruled against Burkle's legal attempt to have the poison pill provision removed, which allows the founding Riggio family to remain as the company's largest shareholders with 34% of shares.

Family businesses worried by proxy access rule

September 1, 2010

Family-controlled businesses in the US are gearing up for new regulations that will see minority shareholders exerting more influence over board appointments, writes David Bain.

Family-controlled businesses in the US are gearing up for new regulations that will see minority shareholders exerting more influence over board appointments, writes David Bain.

The ruling could not only undermine existing family-owned business structures, but also deter such businesses raising funds in capital markets.

Barnes & Noble results strengthen hand of activist investor

August 25, 2010

US bookstore group Barnes and Noble is unlikely to have fended off activist shareholder Ron Burkle, who is attempting to wrestle control of the family-controlled business, following the release of its end of quarter results on Tuesday.

The company reported a net loss of $63 million for the quarter ending 31 July, despite total sales increasing by 21% to $1.4 billion, compared with the same period last year.

Shareholders weren't impressed, with the stock price in the New York-based group falling 2.2% to $14.66.

Activist shareholder continues pressure on family business despite set back

August 13, 2010

Despite losing his bid to remove a poison pill provision at family controlled Barnes & Noble, Ron Burkle, the activist investor, looks set to continue his pressure on the New York-based bookseller.

A court in Delaware ruled against Burkle's legal attempt to have the provision removed, which allows the founding Riggio family to remain as the company's largest shareholders with 34%.

Ford family succeeds in retaining voting control after challenge

May 14, 2010

The Ford family, who control the US-based automaker of the same name, retained their multiple voting shares through which they control the business at the company’s annual shareholder meeting yesterday

The Ford family, who control the US-based automaker of the same name, retained their multiple voting shares through which they control the business at the company's annual shareholder meeting yesterday.

The proposal to reconsider the two-tier share system was put forward by activist investor Ray Chevedden and was rejected by a 70.8% majority. This is the sixth year in which the resolution has been voted on and this year saw it gain the most support so far with 29.2%.

Lagardère fracas highlights perils of activist investors

May 5, 2010

Arnaud Lagardère is anxious to shake off his playboy image, writes Darrell Delamaide. The 49-year-old second-generation head of Lagardère SCA, which has extensive media interests as well as an important investment in defence and aerospace, was reportedly one of the bidders in the running to acquire Playboy magazine when it was being jobbed around last year.

Arnaud Lagardère (pictured) is anxious to shake off his playboy image, writes Darrell Delamaide. The 49-year-old second-generation head of Lagardère SCA, which has extensive media interests as well as an important investment in defence and aerospace, was reportedly one of the bidders in the running to acquire Playboy magazine when it was being jobbed around last year.

American raider fails to win support for changes at Lagardère

April 29, 2010

Guy Wyser-Pratte, the activist investor attempting to secure key changes to the governance structure of family-controlled Lagardère, failed to win the necessary support to pass his proposals at the company's general meeting on Tuesday.

Wyser-Pratte's attempt to gain a seat on the supervisory board was rejected in the shareholder vote by 78%, while his proposals to change the share structure of the France-based media company were also rejected by 76%.