San Diego, CA -- (SBWIRE) -- 05/09/2012 -- An investor in NASDAQ:BAMM shares filed a lawsuit against directors of Books-A-Million, Inc in effort to block the proposed sale of the company to majority owner the Anderson family at $3.05 per share.
Investors who purchased shares of Books-A-Million, Inc. (NASDAQ:BAMM) prior to May 1, 2012 and currently hold any of those NASDAQ:BAMM shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BAMM stockholders arising out of their attempt to sell Books-A-Million, Inc at an unfair price via an unfair process.
On Monday, April 30, 2012, Books-A-Million, Inc. had 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, Inc. (NASDAQ: BAMM). According to the proposal, public shareholders would receive $3.05 per share in cash, representing a premium of approximately 20 percent over the closing price on April 27, 2012, and 13 percent over the average closing price of the Company’s common stock for the past 90 trading days.
However, the plaintiff alleges that the $3.05offer undervalues the company and is unfair to NASDAQ:BAMM stockholders. Indeed, the market reacted to the offer and sent NASDAQ:BAMM to as high as $3.24 on Monday, April 30, 2012, thus well above the $3.05offer. In addition, NASDAQ:BAMM shares traded as recently as April 3 as high as $3.18 per share and in March 2012 as high as $3.53 per share, thus also well above the current offer. Finally, 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 NASDAQ:BAMM stockholders. In fact, the Anderson family, including Mr. Anderson who is the Executive Chairman of the Company d 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 are current investors in Books-A-Million, Inc. (NASDAQ:BAMM) and purchased their Books-A-Million shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego