At a special meeting held Tuesday afternoon, shareholders of Books-A-Million voted overwhelmingly to accept the $3.25 per share offer from the Anderson family to buy all the shares in the retailer that they didn’t already own.
With the shareholder approval the deal, valued at about $21 million, is expected to be completed December 10. At that point, BAM will stop being a publicly-trade company.
Shareholder approval was not a surprise since a special committee had supported the offer as did several shareholder advisory firms. The Anderson family first made the proposal in January to pay $2.75 a share, but later upped its offer. In 2012, the Andersons, who control over half of BAM’s stock, withdrew an offer to take the company private after some shareholders filed lawsuits claiming that the offer was too low.
