Barnes & Noble talks fail as judge sides with B&N

Barnes & Noble talks fail as judge sides with B&N

<p>Barnes &amp; Noble&#39;s billionaire shareholder Ron Burkle has had his lawsuit challenging the retailer&#39;s poison pill takeover defence rejected by a US court.</p><p><a href="http://www.reuters.com/article/idUSTRE67B3ZD20100812">Reuters</a> reports a Delaware judge said Burkle was unlikely to offer shareholders a sufficient premium in a likely takeover bid, after the billionaire acquired almost 20% in the company.</p><p>Vice Chancellor Leo Strine said: &quot;The defendants have shown that their adoption and use of the rights plan was a good faith, reasonable response to a threat to Barnes &amp; Noble and its stockholders.&quot;</p><p>The ruling came shortly after a brief statement from the American bookseller to <a href="http://www.publishersweekly.com/pw/by-topic/industry-news/bookselling/ar... Weekly</a> stating: &quot;Barnes &amp; Noble and Yucaipa were unable to conclude an agreement on mutually acceptable terms.&quot;</p><p>These talks hoped to end Burkle&#39;s lawsuit by giving the billionaire representation on the retailer&#39;s board.</p><p>The chain bookseller put itself up for sale last week, however the resolution of these discussions was seen as key before serious negotiations for the sale of B&amp;N could begin.</p><p>Reuters says Leonard Riggio, the retailer&#39;s chairman and largest shareholder, is considering a bid for the company as part of a larger investor group.</p>