Wilmington, Del. An attorney for billionaire Ron Burkle said a poison pill plan adopted by Barnes & Noble could have far-reaching consequences affecting shareholder rights, according to a Thursday report by the Associated Press. But a Delaware judge said the retailer may have acted reasonably in adopting the poison pill last year after Burkle more than doubled his stake in the company.
After hearing final arguments in the Burkle lawsuit, the judge said he would try to issue a ruling quickly. He gave no indication of how soon the ruling would be made.
Barnes & Noble's annual meeting is slated to be held by Sept. 30. Burkle has indicated that he wants to wage a proxy contest to elect three new directors and would like time to buy more shares before an Aug. 16 deadline if the judge rules in his favor.