Rigrodsky & Long, P.A., a national securities firm with offices in Delaware and New York, announces that it is investigating potential claims against the board of directors of Books-A-Million, Inc. (“Books-A-Million” or the “Company”) (NASDAQ: BAMM). The investigation concerns possible breaches of fiduciary duty and other violations of law related to Books-A-Million’s receipt of a proposal from its Chairman, Mr. Clyde B. Anderson, and his family, to acquire all of the outstanding shares of the Company’s common stock in a going private transaction valued at approximately $48.8 million.
Under the terms of the proposal, public shareholders of Books-A-Million will receive $3.05 in cash for each share of Books-A-Million they own, well below the $12.00 per share target price recently announced by analysts. Mr. Anderson and his family currently directly or indirectly control approximately 53% of the Company’s common stock.
The investigation concerns the Company’s board of directors’ process for consideration of the proposed transaction, whether Books-A-Million is acting in its shareholders’ best interests and whether the proposed consideration to be paid to Books-A-Million shareholders would be fair and adequate.
If you own the common stock of Books-A-Million and purchased your shares before April 28, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Scott J. Farrell, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/books-a-million-inc-bamm.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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