The law firm of Wohl & Fruchter LLP has commenced an investigation into a non-binding proposal (“Proposal”) by the Anderson family to acquire all of the outstanding publicly-held shares of Books-A-Million, Inc. (NASDAQ: BAMM) (“BAMM”).
On April 28, 2012, the Executive Chairman of BAMM, Clyde B. Anderson, announced the Proposal under which public shareholders would receive $3.05 per share in cash. The proposal values the total equity of BAMM at approximately $48.8 million. Mr. Anderson and other members of the Anderson family currently directly or indirectly control approximately 53% of the common stock of BAMM.
The price of BAMM’s stock had been rising since the beginning of 2012, and reached a high of $3.53 on March 12, 2012. However, since the end of March, the stock price has steadily declined. Wohl & Fruchter’s investigation concerns the fairness of the Proposal, the causes of BAMM’s stock price decline in the weeks leading up to the Proposal, and the adequacy of the procedures adopted by BAMM to respond to the Proposal.
Additional information is available at http://www.wohlfruchter.com/cases/bamm.Persons with relevant information, and BAMM shareholders with questions about this investigation, are invited to contact our Firm. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.