The Anderson family, which founded regional book chain Books-A-Million, has offered to buy the shares held by the public for $2.75 a share, the company announced on Friday.  The offer is the second time the family has attempted to take the chain private; it offered $3.05 a share in 2012 (see “Books-A-Million Sales Up in Q1”), which was unsuccessful.

Books-A-Million is the second largest book chain in the U.S.; it operates 256 stores in 33 states and the District of Columbia.  The chain has been doing better recently, although not spectactularly (see "Book, Toy, Entertainment Retailers Report Holiday Results"). 

The stock closed at $1.68 on Thursday, and traded at around $2.60 on Friday.

A number of securities litigation firms immediately announced that they were considering litigation over the offer.