Del. High Court Upholds Barnes & Noble's Poison Pill

Law360, New York (March 3, 2011, 8:55 PM EST) -- Delaware's highest court on Thursday upheld Barnes & Noble Inc.'s attempt to block a takeover bid from investor Ron Burkle by using a so-called poison pill provision.

The Delaware Supreme Court backed a lower court's decision, affirming Barnes & Noble's provision that prohibits any single investor — aside from the company's largest shareholder Chairman Leonard Riggio and his family — from owning more than 20 percent of the company.

An opinion did not accompany the high court's ruling that followed oral arguments Wednesday, but the court...
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