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Barnes & Noble founder and chairman Leonard Riggio has bought almost one million additional shares in the retailer, as he looks to position himself for a likely bid for control of the business.
Publishers Weekly estimates that Riggio's purchase of 990,740 shares was worth $16.8m. He owns almost 30% of the business, including options. Barnes & Noble put itself up for sale last month and Riggio's move is in anticipation of a likely proxy battle with Ron Burkle, who is the second largest stakeholder in the company.
Last week Burkle lost a legal bid challenging Barnes & Noble's poison pill takeover defence. The billionaire owns a stake of almost 20% in the company.