Books-A-Million Inc. (BAMM) announced Thursday that it has received a non-binding proposal from Clyde Anderson, Executive Chairman of the Company, on behalf of the Anderson family, to acquire certain outstanding shares of the common stock of Books-A-Million, Inc., at a cash purchase price of $2.75 per share.
In the proposed potential transaction, the Anderson family would acquire all of the outstanding shares of common stock of the Company not currently owned by the Anderson family through a merger of the Company with a newly formed acquisition vehicle that the Anderson family would control.
The company said it intends to promptly review the proposal.
BAMM closed Thursday trading at $1.678, down $0.022 or 1.29%. However, in after hours, the stock surged $0.43 or 25.74% to $2.11.
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