Key Developments: Books-A-Million Inc (BAMM.O)
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Latest Key Developments (Source: Significant Developments)
Books-A-Million, Inc. Announces Withdrawal of Acquisition Proposal
Books-A-Million, Inc. announced that the Anderson family has withdrawn the previously announced non-binding proposal made on April 28, 2012, to acquire all of the outstanding publicly-held shares of the common stock of the Company for $3.05 per share. After discussing the proposal with the Special Committee of the Company`s Board of Directors and its advisors, the Anderson family has decided not to pursue the proposed acquisition at this time. Full Article
Lin Law Firm Announces Investigation Of Books-A-Million Inc. Buyout Offer
The Lin Law Firm announced that it is investigating potential claims against the Board of Directors of Books-A-Million Inc related to the proposed acquisition of the Company by Chairman Mr. Clyde B. Anderson and his family to acquire all of the outstanding shares of the Company’s common stock in a going private transaction valued at approximately $48 million. Under the terms of the proposal, public shareholders of Books-A-Million will receive $3.05 in cash for each share of Books-A-Million they own. This investigation concerns the Company’s Board of Directors’ process for consideration of the proposed transaction, whether Books-A-Million is acting in its shareholders’ best interests, and whether the proposed consideration to be paid to Company shareholders is fair and adequate. The $3.05 per share offer represents a 35% discount to the 52 week-high of $4.70 for Books-A-Million common stock. In addition, the buyout offer amounts to less than 50% of the Company’s tangible book value. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation Of Books-A-Million Inc.
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims against the Board of Directors of Books-A-Million Inc. (“Books” or the “Company”) related to the proposed acquisition of the Company by majority owner and chairman Clyde B. Anderson. The transaction is valued at approximately $48 million or $3.05 per share. This investigation concerns the Board of Directors’ process for consideration of the proposed acquisition, and whether Books is acting in its shareholders’ best interests. The Company has seen substantial recent growth. Its share price has skyrocketed from $2.20 on December 12, 2011 to $3.53 on March 14, 2012. Further, at least one analyst has set a target price for the Company’s stock at $12.00 per share. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Books-A-Million, Inc.
Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/bamm) announced that it is investigating potential claims against the board of directors of Books-A-Million Inc., concerning possible breaches of fiduciary duty and other violations of law related to the Company's receipt of a proposal from its Chairman, Mr. Clyde B. Anderson, and his family, to acquire all of the outstanding shares of the Company’s common stock in a going private transaction valued at approximately $48.8 million. The investigation concerns the Company’s board of directors’ process for consideration of the proposed transaction, whether the Company’s is acting in its shareholders’ best interests and whether the proposed consideration to be paid to Company shareholders would be fair and adequate. Full Article
Harwood Feffer LLP Announces Investigation Of Books-A-Million, Inc.
Harwood Feffer LLP announced that it is investigating potential claims against the Board of Directors of Books-A-Million, Inc. ("Books-A-Million" or the "Company") concerning the proposed acquisition of the Company by its Executive Chairman, Clyde B. Anderson, and his family (collectively, the "Anderson Family"). May 1, 2012, it was announced that Books-A-Million and the Anderson Family have entered into a definitive agreement pursuant to which the Anderson Family will acquire Books-A-Million. Under the agreement, Books-A-Million shareholders will receive $3.05 per share. The Anderson Family already owns greater than 50% of the Company's outstanding shares. Our investigation concerns whether the Books-A-Million board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Books-A-Million, Inc. Going Private Proposal
Rigrodsky & Long, P.A., a national securities firm with offices in Delaware and New York, announced that it is investigating potential claims against the Board of Directors of Books-A-Million, Inc. ("Books-A-Million" or the "Company"). The investigation concerns possible breaches of fiduciary duty and other violations of law related to Books-A-Million`s receipt of a proposal from its Chairman, Mr. Clyde B. Anderson, and his family, to acquire all of the outstanding shares of the Company`s common stock in a going private transaction valued at approximately $48.8 million. Under the terms of the proposal, public shareholders of Books-A-Million will receive $3.05 in cash for each share of Books-A-Million they own, well below the $12.00 per share target price recently announced by analysts. Mr. Anderson and his family currently directly or indirectly control approximately 53% of the Company`s common stock. The investigation concerns the Company`s board of directors` process for consideration of the proposed transaction, whether Books-A-Million is acting in its shareholders` best interests and whether the proposed consideration to be paid to Books-A-Million shareholders would be fair and adequate. Full Article
Books-A-Million, Inc. Proposed Buyout Investigated by the Securities Attorneys at The Briscoe Law Firm And Powers Taylor, LLP
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP announced that they are investigating potential legal claims against the Board of Directors of Books-A-Million, Inc. (BAMM), related to a proposed buyout by its majority owner and chairman. Under the terms of the proposal, BAMM’s Chairman, Mr. Clyde B. Anderson, and his family, would acquire all outstanding publicly held shares of BAMM’s common stock for $3.05 per share, well below the $12.00 per share target price recently announced by analysts. The Anderson family current directly or indirectly control approximately 53% of BAMM’s stock. According to shareholder rights attorney Willie Briscoe, “The investigation relates to the fairness of the proposed transaction to BAMM’s shareholders and whether the Board of Directors is adequately shopping BAMM in order to obtain the best possible price for the shareholders. Most notably, according to Yahoo! Finance, at least one analyst has stated that the true inherent value of BAMM shares may be as high as $12.00 per share, which is well above the proposed price by the Anderson family. In addition, the firms are actively investigating possible breaches of fiduciary duty and other violations of state law by the Board of Directors of BAMM in connection with the potential approval of this transaction, and whether BAMM’s Board of Directors is acting in the shareholders’ best interests.” Full Article
Law Offices Of Howard G. Smith Announces Investigation Of Books-A-Million, Inc.
Law Offices of Howard G. Smith announced that it is investigating potential claims against the Board of Directors of Books-A-Million Inc. ("Books" or the "Company") related to the proposed acquisition of the Company by majority owner and chairman Clyde B. Anderson. The transaction is valued at approximately $48 million or $3.05 per share. This investigation concerns the Board of Directors` process for consideration of the proposed acquisition, and whether Books is acting in its shareholders` best interests. The Company has seen substantial recent growth. Its share price has skyrocketed from $2.20 on December 12, 2011 to $3.53 on March 14, 2012. Further, at least one analyst has set a target price for the Company`s stock at $12.00 per share. Full Article
Holzer Holzer & Fistel, LLC Announces Investigation Into Proposed Buyout of Books-A-Million, Inc
Holzer Holzer & Fistel, LLC announced that it is investigating whether the directors of Books-A-Million, Inc complied with their fiduciary duties in approving the proposed acquisition of the Company by its Executive Chairman, Clyde B. Anderson, and his family. According to the Company’s announcement, if the deal closes Books-A-Million shareholders will receive $3.05 per share of BAMM owned. Mr. Anderson and his family already own more than 50% of Books-A-Million’s shares, and the investigation seeks to determine, among other things, whether the consideration to be paid to BAMM minority shareholders is fair and adequate. Full Article
Books-A-Million, Inc. Board of Directors Under Investigation For Potential Breaches Of Fiduciary Duty By Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP announced that it is 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. The transaction is valued at approximately $48 million or $3.05 per share. This investigation concerns the Board of Directors’ process for consideration of the proposed acquisition, and whether Books is acting in its shareholders’ interests. The Company has seen substantial recent growth. Its share price has skyrocketed from $2.20 on December 12, 2011 to $3.53 on March 14, 2012. Further, at least one analyst has set a target price for the Company’s stock at $12.00 per share. Full Article
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