Barnes & Noble chairman Leonard Riggio settled a shareholder lawsuit over the company’s 2009 acquisition of a college bookstore chain from Riggio and his wife,
the
Wall Street Journal
reported.
The shareholders had alleged the company’s purchase of the college chain didn’t make good business sense and the price was too high. Riggio owns about 30% of Barnes & Noble, the
Journal
article noted.
“Mr. Riggio agreed to a $22.75 million reduction in the $596 million purchase price, of which $150 million was still owed by Barnes & Noble in the form of a loan from Mr. Riggio,” the article said. Riggio will also give up $6.3 million in interest payments on the loan. (Source:
Wall Street Journal,
June 14, 2012.)
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