The Delaware Supreme Court has rejected an appeal by Ron Burkle in a lawsuit challenging a poison pill plan adopted by Barnes & Noble. Burkle filed the original suit this summer after B&N instituted the poison pill provision in response to Burkle significantly increasing his stake in the retailer. A judge last year upheld the provision, prompting Burkle’s appeal.
The court did not take long to rule for B&N in the appeal. After hearing arguments Wednesday, on Thursday the court affirmed the judge's original decision. Friday morning there was no word on whether Burkle will continue to press the issue.
Also waiting a final resolution is the strategic review being conducted by a special committee of B&N’s strategic options, which include the possibility of putting the company up for sale. A decision was expected to come sometime in the first part of 2011.
