Reuters: Mergers News: UPDATE 1-Anderson family offers to take Books-A-Million private

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Anderson family offers to take Books-A-Million private Apr 30th 2012, 11:28 Mon Apr 30, 2012 7:28am EDT * To offer $3.05 per share in cash * Offer at 20 pct premium to Friday closing * Offer values co at $48.8 million April 30 (Reuters) - Books-A-Million Inc said the Anderson family, which includes Chairman Clyde Anderson, on Saturday made a non-binding proposal to take the company private. The Anderson family, which already has a 53 percent stake in the book retailer, is offering $3.05 per share in cash for Books-A-Million -- a premium of 20 percent to Friday's closing, the company said. The offer values Books-A-Million at about $48.8 million. Last month, the company replaced Clyde Anderson with Terrance Finley as its new chief executive and reported a higher fourth-quarter profit. Anderson stated he anticipates the acquisition would be in the form of a merger of Books-A-Million with a newly formed acquisition vehicle that the Anderson family would control. The chairman also stated in the letter that the transaction would be financed through borrowings available under the Books-A-Million's existing credit line, and is conditioned on availability of sufficient funds under the credit line. Anderson said he expects that the Board will establish a special committee of independent directors to review the proposal and the family will not move forward with the deal unless the committee makes a favorable recommendation. Shares of the Birmingham, Alabama-based company closed at $2.55 on Friday on the Nasdaq. Link this Share this Digg this Email Reprints

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