![]() ![]() ![]() In recommending a yes vote, Institutional Shareholder Services cited the special committee's approval, the higher second offer and the takeover being contingent on a "majority of the minority" vote requirement.īAM shareholders can vote proxies on the transaction until the end of the day, December 7, in advance of a special stockholders meeting. ![]() In July, the BAM board voted to approve the takeover (Anderson family members didn't vote), and a special committee of directors independent of the Anderson family also approved the proposal. The transaction will be financed through a combination of the contributions of the BAM shares owned by the Anderson family and any management rollover participants and borrowings of approximately $21 million under the company's existing credit facilities. The proposed purchase price is 18% above the initial offer of $2.75, made on January 29. Anderson, would buy the approximately 41.8% of the company that it doesn't own for $3.25 a share. Under the plan, the Anderson family, led by executive chairman Clyde B. Institutional Shareholder Services, the independent proxy advisory firm, has recommended that stockholders of Books-A-Million vote in favor of the plan for the Anderson family to buy BAM and take it private. ![]()
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