The Anderson family has withdrawn its previously announced non-binding proposal to acquire all of the outstanding publicly-held shares of common stock in Books-A-Million for $3.05 per share. According to BAM, the Andersons made the decision not to pursue the proposed acquisition at this time after discussions with the special committee of the company's board of directors, which had been formed in May to evaluate the offer.
The Wall Street Journal reported that BAM's stock "gained roughly 24% after the deal was announced in April, and closed Tuesday at $3.17, above the offer price of $3.05."
