Burkle gets an ally in Barnes & Noble proxy fight

Don't count out the Bev Hills billionaire in his efforts to gain three seats on the booksellers' board. Institutional Shareholder Services, a prominent proxy-advisory firm, has recommended that shareholders choose directors nominated by Burkle instead of the company's management. Investors will make their decision next week. ISS says that Burkle's group has "demonstrated a compelling case that change in the BKS board is warranted." From the WSJ:

The recommendation is a blow to the bookseller's efforts to stave off Mr. Burkle. With the parties siding with Mr. Burkle or Mr. Riggio each owning around one third of the company's shares, the deciding vote probably lies with institutional shareholders and index funds. That means the recommendation by ISS, the largest and most influential proxy advisory firm that has institutional investors as its client, could play a key role in determining the outcome of the Barnes & Noble proxy fight.

Two other proxy advisory firms recommended against the Burkle slate, but ISS is considered the most influential.