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Dover, Del. -- The Delaware Supreme Court has rejected an appeal by billionaire Ron Burkle in a lawsuit challenging a poison pill plan adopted by Barnes & Noble after he doubled his stake in the company.

After hearing arguments Wednesday, the court on Thursday affirmed a judge's ruling last year upholding the poison pill plan, which limited a shareholder's stake in the company to 20%.

New York City -- Activist investor Bill Ackman’s Pershing Square Capital Management raised its stake in Borders Group from 31.5% to 37.3% and is prepared to finance an offer by Borders to buy larger rival Barnes & Noble, according to a filing with the Securities and Exchange Commission Monday.

According to the statement, Ackman is prepared to finance an offer by Borders to buy all of Barnes & Noble’s stock in an all-cash transaction valued at $16 per share, which would amount to about $960 million, based on the shares outstanding.

New York City -- Barnes & Noble's shareholders on Wednesday ratified a shareholder rights plan that prevents an outside investor from acquiring 20% or more of the company's shares without board approval. 

Preliminary results show 72% of shareholders voted in favor of the plan at a special shareholder meeting in New York. The plan limits shareholder stakes to 20%, finally making the so-called "poison pill" official.