San Diego, CA -- (SBWIRE) -- 05/15/2012 -- Another investor in NASDAQ:BAMM shares filed a second lawsuit to block a takeover of Books-A-Million, Inc. to majority owner the Anderson family at $3.05 per NASDAQ:BAMM share.
Investors who purchased shares of Books-A-Million, Inc. (NASDAQ:BAMM) prior to May 1, 2012 and currently hold NASDAQ:BAMM shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiffs allege that directors of Books-A-Million, Inc breached fiduciary duties owed to NASDAQ:BAMM stockholders arising out of their attempt to sell Books-A-Million, Inc too cheaply via an unfair process.
On 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 says the $3.05offer is unfair and inadequate, and represents an attempt by the company’s controlling shareholders to deprive the public shareholders.
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.
n 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, 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.
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