According to Ron Burkle investment firm, it has no intentions of taking control of Barnes $ Noble since it opened a new battle against the top U.S bookstore chain. Burkle owns 18.8 percent of Barnes & Noble, and it launched a proxy battle to put three of the directors including himself on the board after when the company put itself up for sale earlier this month.

In a letter to shareholders Burkle investment company said, Barnes & Noble was not willing to stand up to Chairman Riggio and talk to him straight forward. Riggio is the one who built Barnes & Noble and made it one of the largest bookstore chain and owns 28.2 percent stake. Last week Barnes & Noble told investors that Burkle wasn’t fit to sit on its board and Burkle was also accused of trying to take over bookseller without giving any rewards to shareholders.

But Yucaipa denied to accept any of these charges and said, “has no plan to acquire control of your company.” “They want to distract you from the real issues: their record of poor performance and their history of approving special treatment and related-party transactions that benefit the Riggio family,” Yucaipa said.


Written by: josh, who runs a website about Tech News