The bid by the Anderson family to acquire all the outstanding shares in Books-A-Million that it doesn’t own has attracted quite a bit of opposition as a low-ball offer and now in its first quarter filing with the Securities & Exchange Commission, the retailer disclosed that seven lawsuits have been filed in connection with the offer.
“Since the announcement of the proposal, Company stockholders have filed seven separate lawsuits in Delaware state court against the Company, members of the Anderson family and the Company’s Board of Directors alleging that Mr. Anderson and the members of the Board of Directors breached their fiduciary duties to Company stockholders,” the filing states.” It is too early to assess the likelihood of a resolution of these matters or the possibility of an unfavorable outcome.”
A two-person special committee is examining the proposal and there has been no timetable issued about when a decision will be reached on the offer.
