Books-A-Million gets another take-private bid

Facing significant headwinds in its core business of bookselling, Books-A-Million has received a take-private proposal by the family who hold a majority of the company's shares.

The Anderson family has proposed to acquire 100 percent of the company's outstanding shares for $2.75 per share. Books-A-Million’s board of directors has appointed a special committee of independent directors to consider the proposal. The special committee has retained King & Spalding LLP as its legal counsel, and is in the process of retaining financial advisers.

According to SEC filings, the family owns 58.2 percent of Books-A-Million's shares.

This is not the first time the Anderson family has made a play to gain full ownership of the company. The Anderson family bid two years ago and met with significant shareholder resistance. But this current bid is attractive due to the economics of bookselling, which have been permanently altered by the Internet.

Books-A-Million Inc. operates 257 stores in 32 states and the District of Columbia.