Riggio is looking to sell the company to other bidders, with books on the company going out to at least 20 interested parties this week. Burkle, who immediately called for a "transparent auction that delivers the best possible outcome for investors," is rumored to be considering a bid himself. If his is the highest, I'm not sure on what grounds Riggio would refuse (although I expect he will, given the bad blood resulting from the proxy war). For the time being, the incumenbent management and board members will remain.
Although this battle is more or less decided (pending certification of the final results over the next few days), the war is far from over. Shareholders will again vote in mid-November on whether to ratify the "poison pill" plan that prevents any shareholder, save Riggio, from accumulating more than a 20% stake in the company. Should the poison pill be significantly altered (say, in accordance with Burkle's proposal of increasing the trigger to 30%), we could see a whole new round of these shenanigans.
In my opinion, the 44/39 split, though close, might have resulted from a point raised by investor Howard Tannenbaum: "Riggio and his brother built up the company. What does Burkle know about book selling?" I ask you, meine Autoren: does it matter to you whether the head of the largest brick-and-mortar trade book retailer in the country knows anything about selling books?