NEW YORK (

TheStreet

) --

Borders

(BGP)

is bouncing after the book retailer made a change to its by-laws and elected a former

Lowe's

(LOW) - Get Report

exec to its board of directors.

The change allows investors with a stake of at least 10% to assemble a special shareholders meeting. One of Border's biggest shareholders is William Ackman's Pershing Square Capital Management, which holds a 17.6% stake.

Borders also elected David Shelton, former senior vice president at home-improvement retailer Lowe's, to its board of directors.

Shares of Border's are spiking 8.6% to $1.39 in afternoon trading

In other book news, the price wars are heating up, but this time the fight has been taken to the digital battlefield.

TheStreet Recommends

Amazon

(AMZN) - Get Report

and

Barnes & Noble

(BKS) - Get Report

are lowering prices on some popular new releases by Sarah Palin and Stephen King for their e-reader devices, the

New York Times

reported.

-- Reported by Jeanine Poggi in New York.

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