By Phil Wahba
NEW YORK (Reuters) - Barnes & Noble Inc
The company and Burkle's investment firm, Yucaipa Cos, said the Barnes & Noble slate prevailed, based on a preliminary vote tally. Barnes & Noble shares fell nearly 2 percent, or 32 cents to $16.13 after the results were announced.
Yucaipa said its slate received overwhelming support from shareholders who were not affiliated with either party.
Burkle said in a statement that the results showed "it is nearly impossible for any stockholder to do something Leonard Riggio doesn't want to do because of his built-in voting advantage."
Riggio is the largest shareholder with a 28.2 percent stake.
As Barnes & Noble pushes ahead with an auction of the company, first announced in August, Burkle called on the bookseller to ensure a level playing field for all bidders, even if Riggio recruits an investor group to make an offer.
Burkle, whose Yucaipa owns 18.8 percent of Barnes & Noble shares, put forward a slate of three nominees seeking seats on the board for a three-year term, including the one held by Riggio, who built the chain into the largest U.S. bookseller. Three of the nine board seats were up for a vote at the company's shareholder meeting on Tuesday.
Preliminary results showed holders of 44 percent of the shares eligible to be voted supported the slate chosen by Riggio, while 39 percent supported the Yucaipa slate, according to a source familiar with the results. The rest did not vote or withheld votes.
At the same time, 43 percent voted against Yucaipa's proposal to change the company's "poison pill" takeover defense, while 39 percent voted for the change.
The poison pill, put in place in November, limits any shareholder, except for Riggio, who is grandfathered, from holding 20 percent or more.
Burkle sought to raise the pill's trigger to 30 percent and is appealing a Delaware court's decision in August to uphold the pill.
(Editing by Lisa Von Ahn and Maureen Bavdek)
