SAN DIEGO and BIRMINGHAM, Ala., July 14, 2015 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Books-A-Million, Inc. (NASDAQ: BAMM) by a newly organized entity owned by the Anderson Family, including Clyde B. Anderson, the company's Executive Chairman. On July 13, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which the Anderson Family will acquire Books-A-Million. Under the terms of the agreement, Books-A-Million shareholders will receive $3.25 for each share of Books-A-Million common stock.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/books-a-million-inc
Is the Proposed Acquisition Best for Books-A-Million and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Books-A-Million is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
As an initial matter, the $3.25 merger consideration represents a premium of only 11.3% based on Books-A-Million's closing price on June 12, 2015. This premium is significantly below the average one month premium of nearly 80% for comparable transactions within the past three years. Most recently, Books-A-Million traded above the merger consideration – at $3.39 – on May 29, 2015.
In light of these facts, Robbins Arroyo LLP is examining Books-A-Million's board of directors' decision to sell the company now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
Books-A-Million shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. Books-A-Million shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, email@example.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP