Andersons withdraw Books-A-Million buyout offer
The Anderson family has withdrawn its takeover bid for Books-A-Million Inc., the Birmingham Business Journal reported. The family said it opted to cease pursuing an acquisition after a discussion with directors and advisers, the article said. Earlier, the family had said it would withdraw the offer if the company's board of directors did not approve the move.
The family offered shareholders $48 million for the company in April. Critics thought the offer undervalued the company; shareholder lawsuits were filed in response to the bid. (Source: Birmingham Business Journal, July 17, 2012.)
Posted Wednesday, July 18, 2012 • Permalink
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