New York City Billionaire investor Ron Burkle’s Yucaipa Cos. plans to appeal a Delaware court ruling that upheld an anti-takeover "poison pill" put in place by bookseller Barnes & Noble.
Burkle is locked in a proxy battle with the largest U.S. bookstore chain. He is seeking to install three directors, including himself, at the company's annual meeting later this month.
“We believe that the important stockholders’ rights at issue in our suit against the Riggio-dominated Barnes & Noble Board -- equal treatment of stockholders and the right of stockholders to freely and effectively vote to elect independent directors -- should be decided by the Delaware Supreme Court,” a Yucaipa spokesperson said.
A Delaware Chancery Court judge in August ruled that the poison pill would not prevent Burkle from winning a proxy contest.
Burkle's investment firm, Yucaipa Cos., said in a statement that the case should be decided by the Delaware Supreme Court.