Barnes & Noble (BKS) Shares Rallying on News Ron Burkle Looking to Boost Stake

Shares of Barnes & Noble (NYSE: BKS) opened today's trading session up more than 15% from yesterday's close following news last night that Ron Burkle's Yucaipa Companies is looking to raise its stake in the book retailer. Although shares are now well-off session highs, the stock is still up more than 6%. Shares of BKS last traded at $19.17.

In an amended 13D filing late yesterday, Burkle's Yucaipa requested that Barnes & Noble's Board allow Yucaipa to purchase up to 37% of the company's common stock without triggering the company's poison pill. Burkle also asked the Barnes & Noble Board to clarify whether the stock owned by the founding Riggio family could be excluded from this poison pill. As a Bloomberg article points out, any takeover attempt by Yucaipa would need to come with the support of the Riggio family.

Burkle's Yucaipa currently owns a 19% stake in Barnes & Noble.

Barnes & Noble, Inc. operates as a bookseller in the United States and the District of Columbia.

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