B&N m.d. urges shareholders to reject Burkle

<p>Barnes &amp; Noble&#39;s c.e.o has urged shareholders to reject plans by billionaire investor Ron Burkle to take control of the business and revealed it expects e-book sales of $1bn by 2013.</p><p>In a letter to shareholders, Barnes &amp; Noble&#39;s <a href="../news/128225-page.html" target="_blank">second in a week</a>, William J Lynch unveiled the company&#39;s strategy to grow the business. Burkle is waging a proxy war to take over the business and is proposing amendments to its shareholder rights plan at the retailer&#39;s forthcoming Annual Meeting of Shareholders on 28th September.</p><p>Lynch said he felt confident the retailer&#39;s strategic plan would maximise shareholder value. It anticipated it would have fewer bookstore competitors over the next few years. It also said it anticipates the US book market to contract from $21bn to $19bn over the next four years, leading<br />non-specialist book retailers to reduce their book stock. He said: &quot;Today, the company owns approximately 18% of the US book market, and we expect that figure to grow to 20-25% over the next three years.&quot;</p><p>It also anticipated digital growth, claiming it is the second biggest retailer of e-books worldwide. He said: &quot;We expect to capture over 25% of the market for e-books, e-textbooks and digital newsstand in total by 2013, projecting to over $1bn in digital revenue for Barnes &amp; Noble.&quot;</p><p>He added the retailer was planning to grow its 15% share of the $12bn textbook market. Lynch claimed that as the book market evolves to include digital textbooks as well as new and second-hand titles, college bookstores will be relied on more to provide academic material.</p><p>He concluded: &quot;While it&#39;s early in our implementation, our models indicate that we&#39;re on plan. I am confident, and you have over 40,000 Barnes &amp; Noble booksellers working diligently every day to ensure that the company delivers for you.&quot; </p>