An independent committee of directors and the non-family members of the Books-a-Million board of directors have approved a deal for the Anderson family to acquire the shares of the company it does not own for $21 million, the company announced.
The family, which founded the bookstore chain, had offered $2.75 a share back in January (see "Family Tries to Take Book Chain Private"); the price in the final deal is $3.25. The final price also tops the $3.05 a share the family offered for the company back in 2012 (see "Books-A-Million Sales Up in Q1"). The $3.25 price is 23% higher than Monday’s closing price.
The sale is subject to the approval of the owners of a majority of the shares held by non-family shareholders.
Books-a-Million operates 255 U.S. stores in which geek categories are increasingly important (see "Manga, Strategy Games Continue Strong for Books-a-Million").
In $21 Million Deal
Posted by Milton Griepp on July 14, 2015 @ 2:03 am CT
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