NEW YORK (
is bouncing after the book retailer made a change to its by-laws and elected a former
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.
Barnes & Noble
are lowering prices on some popular new releases by Sarah Palin and Stephen King for their e-reader devices, the
New York Times
-- Reported by Jeanine Poggi in New York.
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