Barnes & Noble: Exact Vote Totals from the Riggio vs. Burkle Board Election

by Geoff Gannon


Barnes & Noble (BKS) reported its board election results to the SEC. The top 3 candidates win board seats. Here is the vote count:

Candidate

Votes

Percent

David Wilson (R)

26,478,668

52.84%

David Golden (R)

26,475,809

52.83%

Leonard Riggio (R)

26,469,641

52.82%

Stephen Bollenbach (B)

23,058,542

46.01%

Michael McQuary (B)

22,826,210

45.55%

Ronald Burkle (B)

22,731,679

45.36%

 

My best estimate is that there were 58,856,320 shares eligible to vote. Turnout was 50,383,455. Only 50,113,458 answered the board election question. And only 49,346,850 of those votes mattered. Here’s why:

  • 8,472,865 shares ignored election day entirely
  • 766,608 shares threw away their votes
  • 269,997 shares skipped the board election part of the ballot

Len Riggio survived by 3,411,099 votes.

Riggio’s closest threat was Stephen Bollenbach. On a personal level: Bollenbach was clearly the favorite candidate. He polled better on every measure than his party. Burkle and Riggio both ran behind their parties.

There was ticket splitting on the poison pill. Remember: a vote “for” the amendment is a vote against the current poison pill. Amending the poison pill outperformed all Burkle party candidates. That’s expected. The weird part is that votes against the poison pill amendment outperformed Riggio party candidates.

The Deal Professor has a post about voting errors made by Burkle supporters and why Riggio won the election.

Only 1 of 7 pro-Riggio votes came from outsiders. I’ll show what would’ve happened if Burkle supporters hadn’t made voting errors. And I’ll look at independent voters. Those are my next 2 posts.

Talk to Geoff about Barnes & Noble (BKS)