Billionaire investor Ron Burkle plans to appeal a Delaware court ruling that upheld a “poison pill” put in place by bookseller Barnes & Noble Inc.
Burkle, Barnes & Noble’s second largest shareholder with 18.8 percent, is locked in a proxy battle with the largest U.S. bookstore chain. He is seeking to install three directors, including himself, at the company’s annual meeting this month.
A Delaware Chancery Court judge in August ruled that the anti-takeover measure would not prevent Burkle from winning a proxy contest.
Burkle’s investment firm, Yucaipa Cos., said in a statement that the case should be decided by the Delaware Supreme Court.
A Barnes & Noble spokeswoman did not immediately respond to request for comment.
