The Law Office of James C. Kelly Announces Investigation into Buyout Offer of Books-A-Million, Inc.
30 Apr, 2012, 01:35 ET
NEW YORK, April 30, 2012 /PRNewswire/ -- The Law Office of James C. Kelly is investigating Books-A-Million, Inc. ("Books-A-Million" or the "Company") (NASDAQ: BAMM) for possible breaches of fiduciary duty and other violations of state law in connection with the Anderson family's proposal to acquire through a merger transaction 100 percent of the outstanding publicly held shares of common stock of Books-A-Million. The Anderson family already owns approximately 53% of the common stock of the Company. Under the terms of the transaction, Books-A-Million shareholders will receive $3.05 for each share of Books-A-Million stock they own. The proposal values the total equity of the Company at approximately $48.8 million.
The investigation concerns whether the Anderson family breached their fiduciary duties to stockholders by offering too low of a price to purchase the remaining shares of the Company. Indeed, the median price target for shares of Books-A-Million is $12 per share. In addition, in making their offer, the Anderson family has stated that they "are interested only in acquiring the outstanding shares of the Company that they do not already own, and are not currently interested in considering a sale of their shares to a third party or any merger or other strategic transaction involving any third party and do not intend to vote in their capacity as shareholders in favor of any such transaction."
If you own shares of Books-A-Million and wish to obtain additional information, contact The Law Office of James C. Kelly. Please contact James C. Kelly, Esq., by telephone at (888) 643-7517 or e-mail at [email protected].
The Law Office of James C. Kelly is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit its website at http://www.jckellylaw.com.
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SOURCE The Law Office of James C. Kelly
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