Books-A-Million executive chairman Clyde B. Anderson and his family have made a bid to acquire all the publicly-held shares of the bookseller.
If the deal is accepted, the release noted that “the Anderson family expects the Company’s management to remain in place following the merger along with the rest of the Company’s valued employees.” The family currently owns 53 percent of the public company stock.
Here’s more from the release: “public shareholders would receive $3.05 per share in cash, representing a premium of approximately 20 percent over the closing price on April 27, 2012, and 13 percent over the average closing price of the Company’s common stock for the past 90 trading days. The proposal values the total equity of the Company at approximately $48.8 million.”
At the same time, legal teams have assembled to examine the bid.
In New York, the Law Office of James C. Kelly announced an investigation into the offer, asking “whether the Anderson family breached their fiduciary duties to stockholders by offering too low of a price to purchase the remaining shares of the Company.
The Los Angeles firm Glancy Binkow & Goldberg LLP revealed that they are “investigating potential claims against the Board of Directors of Books-A-Million Inc. related to the proposed acquisition of the Company by majority owner and chairman Clyde B. Anderson.” (Via Sarah Weinman)