The board mentioned Wednesday it had appointed a particular committee to evaluate affords. One got here from longtime Barnes & Noble chairman Len Riggio. He’s the corporate’s largest shareholder, controlling near 20%.
The poison tablet will kick in if the unidentified social gathering accumulates 20% of the inventory or extra. At that time, shareholders can be allowed to purchase Barnes & Noble’s inventory at a 50% low cost, diluting the worth of the shares.
The announcement comes shortly after one other investor disclosed a stake of near 7%, and mentioned he had held talks with Riggio about shopping for the corporate.
The board mentioned Riggio would vote his shares in favor of any transaction really helpful by the committee.