An investor is trying to halt the proposed $21 million takeover of Books-A-Million by the Anderson family, the controlling share holders in the company. The board of directors signed an agreement with the Anderson family to purchase the shares earlier this month.
This week Susan Vance filed a proposed class action lawsuit in Delaware Chancery Court arguing that the $3.25 price that the family, which includes chairman Clyde Anderson, proposes to pay is “grossly unfair.”
In April 2012, the Anderson family made a bid to acquire outstanding shares for $3.05 a share.Three months later they withdrew their offer for the remaining 47% of the company after shareholders filed class action lawsuits. They asserted that the company was undervalued at the time.