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Books-A-Million, Inc. (BAMM) Investor Lawsuit Against Buyout Offer Announced by Shareholders Foundation(May 07, 2012)
SAN DIEGO, CA -- (Marketwire) -- 05/07/12 -- The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current stockholders of Books-A-Million, Inc. (BAMM) against directors of Books-A-Million in effort to stop the proposed takeover of Books-A-Million by the Anderson family at $3.05 per share.
If you purchased shares of Books-A-Million, Inc. (BAMM) prior to April 30, 2012 and currently hold any of those BAMM shares, you have certain options and you should contact the Shareholders Foundation, Inc. at [email protected] or call +1 (858) 779-1554.
On April 30, 2012, Books-A-Million, Inc. announced that the Anderson family has made a non-binding proposal to acquire all of the outstanding publicly-held shares of the common stock of Books-A-Million. According to the proposal, public shareholders would receive $3.05 per BAMM share in cash.
However, the plaintiff alleges that the $3.05 offer undervalues the company and is unfair to BAMM stockholders. Indeed, the market reacted to the $3.05 offer and sent BAMM shares to as high as $3.24 on last Monday. In addition, BAMM shares traded as recently as April 3rd as high as $3.18 and in March 2012 as high as $3.53. Furthermore, at least one analyst has set the high target price at $12 per share.
In addition the plaintiff says the buyout process is unfair to minority stockholders. In fact, the Anderson family, including Mr. Anderson who is the Executive Chairman of the Company and other members of the Anderson family, currently directly or indirectly control shares of stock representing, in the aggregate, approximately 53 percent of the common stock of the Company.
Those who currently are investors in Books-A-Million, Inc. (BAMM) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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