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Barnes & Noble could be close to reaching an agreement that would give billionaire shareholder Ron Burkle three seats on the board in exchange for him dropping a lawsuit over limits to the size of his stake in the company.
Bloomberg quotes anonymous sources who said Burkle and his Yucaipa investment vehicle would also support a potential sale of the company, one week after the bookseller said it was exploring strategic alternatives.
Yucaipa sued B&N in May to try and strike off the bookseller's poison-pill takeover defence so Burkle could increase his 19% shareholding. Under the proposed settlement, Burkle may still be able to buy the whole company.