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BIRMINGHAM, Alabama – An investor in Books-A-Million Inc. said an offer from the family of the president of Books-A-Million Clyde Anderson privatizing Birmingham-based bookstore chain ‘underestimates’ company, says Wall Street Journal report.

Clyde Anderson, President of Books-A-Million Inc.

The Anderson family announced it yesterday

it doesn’t already have. The Anderson family, which already owns 53 percent of

The Birmingham-based bookstore chain said the offering would buy each stock for $ 3.05 in cash. Shares rose 25% on Monday to close at $ 3.19. Today, shares fell 4.08 percent to close at $ 3.06. The Anderson family valued the entire business at $ 48.8 million.

Marc Zavanelli

, president of

– which owns about 300,000 shares of Books-A-Million, told The Wall Street Journal that the offer “undervalues ​​the company.” ZPR has owned the Books-A-Million share since early 2010, but has also held it at various times in the past, according to the report.

Zavanelli said he believed “there was still a place for traditional bookstores,” especially the opportunity that presented itself after rival bookstore chain Borders Group Inc. began liquidating its stores after. have filed for Chapter 11 bankruptcy last year.

Last year Books-A-Million spent $ 934,209 on

for 14 Borders bookstores in 12 states. Seven of those states are new territory for Books-A-Million.

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