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For the second time in a little more than two years the Anderson family has made an offer to take Books-A-Million private. BAM announced late Thursday that it had received a proposal from Clyde Anderson, the company’s executive chairman, that his family wanted to buy all the outstanding shares in BAM for $2.75 per share.
In mid 2012 the Anderson family attempted to buy back total control of the nation’s second largest book chain, but withdrew the offer after it became the target of a number of lawsuits that charged that the offer was undervalued. Although the $2.75 per share offer is lower than the $3.05 per share bid the family made in 2012, the new offer maybe more appealing to outside shareholders. At the time of the 2012 offer, BAM’s stock was trading at $2.49 per share, making the bid a 20% premium; with BAM’s share price closing at $1.68 per share on January 29, the new proposal gives shareholders a 64% premium.
In his letter to BAM, Clyde Anderson said if the merger is approved by BAM, the company would continued to be run by its existing management team headed by CEO Terry Finley. The letter also stated that the family had no interest in selling its shares to an outside party if BAM viewed the offer as too low.