The board stated Wednesday it had appointed a particular committee to assessment presents. One got here from longtime Barnes & Noble chairman Len Riggio. He’s the corporate’s largest shareholder, controlling near 20%.
The poison capsule will kick in if the unidentified occasion accumulates 20% of the inventory or extra. At that time, shareholders will likely 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 stated he had held talks with Riggio about shopping for the corporate.
The board stated Riggio would vote his shares in favor of any transaction really helpful by the committee.