Investor Looks To Shelve $49M Books-A-Million Buyout Plan

Law360, New York (May 11, 2012, 5:45 PM EDT) -- A shareholder of national bookstore chain Books-A-Million Inc. launched a proposed class action against the retailer on Tuesday seeking to derail a $48.8 million buyout plan posed by the company’s controlling shareholders.

Investor Jeffrey Ye filed suit in Delaware Chancery Court, accusing Chairman Clyde Anderson and Books-A-Million’s directors of breaching their fiduciary duty to obtain the best reasonable sale price for the company.

“The consideration to be paid is unfair and inadequate, and represents an attempt by the company’s controlling shareholders to deprive the public shareholders...
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