The bid by the Anderson family to acquire all of the outstanding shares in Books-A-Million has received a boost. The proxy advisory firm, Institutional Shareholder Services, recommended that the offer be approved.
The Anderson family, which includes BAM executive chairman Clyde Anderson, offered to buy all the outstanding shares in the company, at $3.25 each, in January. The bid was subsequently backed by the two-person special committee of BAM directors, and then endorsed by the full board.
The bid has its detractors, though. In late July a class action lawsuit was filed in Delaware, charging that the Anderson family's offer, worth about $21 million, undervalued the company. The case is still before the court, although there does not appear to be any new developments.
A special meeting of BAM shareholders will vote on the proposal December 8.