Results of proxy fight could lead to big changes at Barnes & Noble, analyst says

Barnes & Noble, Burkle fight nears end

NEW YORK — As proxy fights go, the one between bookseller Barnes & Noble and billionaire investor Ron Burkle has been a page turner. It could come with a cliff-hanger ending Tuesday.

Shareholders will vote on three seats on the board of directors up for election or re-election. There are nine total board seats.

Burkle contends that Chairman Leonard Riggio is not operating the company in the best interest of shareholders. Barnes & Noble says that Burkle is trying to take control of the company without paying a fair price. Both dispute the other’s claims.

Proxy advisory firm Institutional Shareholder Services backs Burkle’s slate. Three other firms support Barnes & Noble.

Morningstar analyst Peter Wahlstrom says the contest is too close to call.