Books-A-Million Inc. Chairman Clyde Anderson withdrew his $48.8 million offer to buy the bookstore chain.
Anderson and his family decided not to pursue the buyout after discussing the matter with a special committee of the board, the company said today in a Business Wire statement.
Anderson made the $3.05-a-share offer in April to take the company private. He and his family already owned about 53 percent of the shares. The $48.8 million bid prompted two shareholder lawsuits saying the board wrongfully approved the deal.
Books-A-Million, based in Birmingham, Alabama, operates 257 stores in 31 states, including locations under the names Books & Co., Bookland and Joe Muggs Newsstands. Last year it started an expansion plan by taking over 14 stores formerly operated by the bankrupt Borders Group Inc. in the Northeast and Midwest.
The company’s shares rose 0.3 percent to $3.17 today in New York before trading was halted for pending news. They’ve gained 30 percent this year.