For the second time in a bit greater than two years the Anderson household has made a proposal to take Books-A-Million personal. BAM introduced late Thursday that it had acquired a proposal from Clyde Anderson, the corporate’s government chairman, that his household wished to purchase all of the excellent shares in BAM for $2.75 per share.
In mid 2012 the Anderson household tried to purchase again complete management of the nation’s second largest e-book chain, however withdrew the supply after it turned the goal of a lot of lawsuits that charged that the supply was undervalued. Though the $2.75 per share supply is decrease than the $3.05 per share bid the household made in 2012, the brand new supply perhaps extra interesting to exterior shareholders. On the time of the 2012 supply, BAM’s inventory was buying and selling at $2.49 per share, making the bid a 20% premium; with BAM’s share worth closing at $1.68 per share on January 29, the brand new proposal offers shareholders a 64% premium.
In his letter to BAM, Clyde Anderson stated if the merger is permitted by BAM, the corporate would continued to be run by its current administration workforce headed by CEO Terry Finley. The letter additionally acknowledged that the household had little interest in promoting its shares to an outdoor get together if BAM seen the supply as too low.
In its acknowledgement of its receipt of the supply, BAM stated it supposed to promptly evaluation the proposal.