In what appears to be an effort to strengthen his voting position for a likely proxy fight, B&N founder and Chairman Leonard Riggio has excercised options to buy 990,740 shares of B&N stock for $16.8 Million, or $16.96 a share. Based on the Tuesday closing price of B&N stock, Riggio paid about $1.61 premium per share over the tuesday closing stock price. B&N has put itself up for sale and Riggio is preparing for a likely proxy battle against financier Ron Burkle, who has been pressuring B&N to improve its stock price. B&N’s annual meeting will take place in September.