Barnes & Noble shares jump on move by Ron Burkle

Bloomberg News

Shares of bookseller Barnes & Noble Inc. rose 18% in late U.S. trading after Los Angeles billionaire Ron Burkle, its largest outside shareholder, asked the company to waive a provision preventing unwanted takeovers and let him acquire as much as 37% of the shares.

In a letter to the board of directors Thursday, Burkle asked the company to clarify whether the shares owned by the founding Riggio family were excluded from the takeover provision.

The letter was filed with the Securities and Exchange Commission after the close of regular trading in New York, when the shares had risen 52 cents to $18.