Less than three months after the family behind book retailer Books-A-Million said it would take the business private, the Anderson family has withdrawn its bid to buy out the company.
In a statement on 17 July, the Birmingham, Alabama-based family business said the Andersons have decided “not to pursue the proposed acquisition at this time”, following discussions with a special committee of the company’s board.
The group first announced in April this year that the controlling family will buy all the outstanding publicly traded stock for $3.05 (€2.5) per share.
But the move saw the group, headed by third-generation Clyde Anderson, hit by a number of lawsuits, which alleged Anderson and the board of directors breached their fiduciary duties.
The Andersons currently own 53% of Books-A-Million, which is the US’s second largest traditional book retailer – the group had fiscal 2011 sales of $468.5 million.
Share price rose by 0.3% on Tuesday to $3.17 before trading was halted.