Books-A-Million OKs $21 million buyout

Birmingham, Ala. -- In a deal that may take it private again, Books-A-Million Inc. has given its OK to a buyout deal from the family of its original owners.



The chain reached an agreement to be acquired by a newly organized entity owned by the Anderson Family, which includes Books-A-Million executive chairman Clyde B. Anderson, for $21 million, or $3.25 a share in cash. (According to the most recent SEC filing, the Anderson family already owns 58.2% of the company).



In January 2015, the Anderson family made a smaller offer that was rejected.



The Anderson family started the company, which currently operates 255 stores, in 1917.



“We believe the transaction is a positive result for everyone, most importantly the company’s shareholders,” said Anderson. “The Special Committee and its advisors have done a thorough job to assure that all terms and conditions are arms’ length, and we are pleased to have come to a fair and balanced agreement.”



The deal is subject to shareholder approval.