TIMELINE-Ron Burkle’s proxy fight for Barnes & Noble

NEW YORK, Sept 3 (BestGrowthStock) – Billionaire investor Ron Burkle is hoping to
win three seats on Barnes & Noble’s (BKS.N: ) board of directors at the
bookseller’s annual meeting on Sept. 28.

Burkle has feuded with the company’s chairman and largest shareholder,
Leonard Riggio, and faulted Barnes & Noble’s corporate governance under its
current board. [ID:nN30170981]

Here is a timeline of major events in Barnes & Noble’s conflict with Burkle
and the company’s history.


Nov. 24, 2008 – Burkle’s Yucaipa Companies investment firm makes its first
investment in Barnes & Noble, buying 75,200 shares.

Oct. 20, 2009 – Barnes & Noble unveils its Nook electronic reader, its
answer to Amazon.com Inc’s (AMZN.O: ) Kindle device. The bookseller’s e-books
strategy was a major source of disagreement between Riggio and Burkle.

Nov. 10, 2009 – Burkle buys 1 million shares. That week he makes a series
of other transactions, doubling his stake to 16.8 percent in a matter of days.

Nov. 18, 2009 – Barnes & Noble puts a “poison pill” in place to avert a
possible hostile takeover. The pill limits any shareholder to a 20 percent

March 18, 2010 – Barnes & Noble names William Lynch, who oversaw the Nook’s
development, as CEO, replacing Riggio’s brother Stephen.

May 5, 2010- Burkle buys 100,000 shares, taking his stake to nearly 20
percent. He also files a lawsuit in Delaware Chancery Court challenging the
poison pill.

Aug. 3, 2010- Barnes & Noble puts itself up for sale. Riggio says he is
interested in making a bid with other investors.

Aug. 12, 2010 – Burkle launches a proxy battle after he loses “poison pill”
challenge and talks with Riggio to end their dispute break down. Burkle seeks a
seat on the board with two outside directors of his choice.

Sept. 2, 2010 – Burkle says he is appealing Delaware court’s rejection of
his challenge to the poison pill.

Sept. 28, 2010 – Scheduled date for annual shareholder meeting in New


* 1970s – Riggio buys Barnes & Noble’s trade name and its flagship store on
Manhattan’s Fifth Avenue.

* 1975 – Barnes & Noble begins discounting bestsellers by 40 percent,
starting a trend that squeezes smaller bookstores.

* 1987 – Barnes & Noble buys B. Dalton Bookseller, a 797-store chain.

* 1993 – Barnes & Noble launches an IPO.

* 2002 – Riggio steps down as CEO, is replaced by his brother Stephen.
Sources: U.S. Securities and Exchange Commission filings, court filings, press
releases, company website

(Compiled by Phil Wahba; Editing by Richard Chang)

TIMELINE-Ron Burkle’s proxy fight for Barnes & Noble