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“Barnes & Noble has reached a $29 million settlement with its founder and chairman Leonard Riggio,” reports TheBookseller.com, “concluding a shareholder lawsuit over B&N’s 2007 acquisition of Barnes & Noble College Booksellers.” The shareholder group challenged the board of directors’ approval of the $514 million acquisition on the grounds that the deal was overpriced. According to the website, “the deal meant a heavy investment in bricks and mortar stores just as book buyers were migrating to e-book buying.”
Barnes & Noble settles with Riggio
Barnes & Noble reached a $29 million settlement with founder and chairman Leonard Riggio, ending a shareholder suit over the purchase of Barnes & Noble College Booksellers.
June 15, 2012