On September 28, 2010, Barnes & Noble, Inc., the world’s largest bookseller, announced preliminary results of shareholder voting at today’s Annual Meeting. Based on the advice of the Company’s proxy solicitor, shareholders re-elected Len Riggio and elected David Golden and Dr. David Wilson to the Board of Directors, which was a complete victory for the Board slate. A shareholder proposal submitted by The Yucaipa Companies, Inc. to weaken Barnes & Noble’s Shareholder Rights Plan was also rejected.
Cravath is representing Barnes & Noble. The team is led by partner Scott A. Barshay and includes partners Thomas E. Dunn, Andrew R. Thompson and associates Susan K. Jong, Kyle C. Harmon and Benjamin C. Hewitt.
This is Cravath’s third proxy contest victory in the last two weeks: On September 23, Casey’s General Stores announced that Casey’s shareholders re-elected all eight of the Company’s incumbent directors, and on September 15, 2010, Air Products succeeded in its proxy contest to elect Air Products’ three nominees to the Airgas Board and obtained approval by Airgas shareholders of three bylaw amendments proposed by Air Products.