Tallahassee, FL 4/30/12 (StreetBeat) -- Books-A-Million Inc.’s (Nasdaq: BAMM) majority owner and chairman today announced a plan to acquire the public books retail giant for roughly $48.8 million and take it private.Clyde B. Anderson, whose family owns about 53 percent of the Birmingham-based company’s common stock, would pay $3.05 per share at a 20 percent premium, he said in a release today.
If the Books-A-Million board gives its approval, the Anderson family will merge the company with a newly formed acquisition entity and retain the current management, the release says.
The offer comes at a low point for the company’s stocks and sales, which haveslumped as new technology continues to displace traditional books in public favor.
The merger would take yet another public company headquarters from Birmingham, which is currently home to 14, according to the BBJ's 2012 Book of Lists. Vulcan Materials Co. (NYSE: VMC), one of Birmingham's largest public companies, is facing a takeover.
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