Barnes & Noble chairman Riggio takes stand in billionaire Burkle’s poison pill challenge
By Randall Chase, APFriday, July 9, 2010
Barnes & Noble boss testifies in poison pill case
WILMINGTON, Del. — Barnes & Noble Inc. chairman Leonard Riggio is facing questions about a poison pill plan the company adopted after billionaire Ron Burkle increased his stake.
Riggio testified Friday in a Delaware trial that he met with advisers this year to discuss anti-takeover measures and how to respond to a request by Burkle to buy more shares in the bookseller without triggering the poison pill.
Riggio said he doesn’t believe other board members received copies of a document he had been given listing anti-takeover measures.
He also said no other board members were invited to a February meeting to discuss how the board should respond to a letter from Burkle, who accuses Barnes & Noble of trying to entrench the Riggio family’s control.
