Reuters – Books-A-Million Says Anderson Family Withdraws Offer

Books-A-Million Inc. said its largest shareholder group the Anderson family has withdrawn its non-binding offer to take the company private. The Anderson family, which owns a 53 percent stake in the book retailer, had offered $3.05 per share in cash to take the company private in April.

(Reuters) – Books-A-Million Inc (BAMM.O) said its largest shareholder group the Anderson family has withdrawn its non-binding offer to take the company private.

 

The Anderson family, which owns a 53 percent stake in the book retailer, had offered $3.05 per share in cash to take the company private in April.

 

“After discussing the proposal with the Special Committee of the company’s board of directors and its advisers, the Anderson family has decided not to pursue the proposed acquisition at this time,” the company said in a statement.

 

Chairman Clyde Anderson, who was replaced by Terrance Finley as CEO in March, had said the deal would be financed through borrowings available under the Books-A-Million’s existing credit line.

 

Trading was halted on the shares, which closed at $3.17 on Tuesday on the Nasdaq.