Following Barnes Noble’s disappointing financial performance for the second quarter ended October 28, company chairman Len Riggio has increased his stake in the retailer.
According to a filing with the Securities Exchange Commission, Riggio bought 1 million shares of BN stock on December 1, with an average price of $6.80 per share. The purchase increases Riggio’s stake in BN from 18.0% to 19.3%.
In addition to emphasizing Riggio’s faith in BN, the purchase will also make it that much more difficult for Sandell Asset Management to force a sale of the company. In November, Sandell offered to take BN private in a deal that would have required existing shareholders, including Riggio, to put all of their shares into a new company that would be controlled by Sandell.
BN immediately rejected the offer, noting that Riggio had “no intention of rolling his share into such a transaction.”