The board of directors of Books-A-Million has created a special committee consisting of two independent directors to review the bid from the Anderson family to acquire all the outstanding shares in the retailer that it does not already own. In making the announcement, BAM said the board had only recently received the offer and that there is no guarantee a deal will be consummated. The committee is comprised of Edward Wilhelm, who is chair, and Ronald Domanico.
At the end of January, the Anderson family which controls about 58% of BAM’s stock, offered to buy all remaining shares for $2.75 per share. The proposal has prompted announcements by a number of law firms who said they have started investigations to determine if the offer is undervalued.
A proposal in 2012 by the Andersons to take BAM private was eventually withdrawn.