Speaking on his company's post-earnings conference call today (transcript), General Growth Properties (NYSE:GGP) CEO Sandeep Mathrani said his understanding is Amazon's (NASDAQ:AMZN) goal is to open 300-400 stores across the country.
Putting that number in perspective, Barnes & Noble (NYSE:BKS) has 640 stores, and Books-a-Million 255 (NASDAQ:BAMM). It's not immediately clear where Mathrani got his Amazon number, but it wouldn't be a stretch to think he's had talks with Amazon's real estate people.
Amazon opened a physical bookstore in Seattle in November, and it sells company devices along with books.
An entity owned by chairman Clyde B. Anderson's family is acquiring Books-A-Million (NASDAQ:BAMM) for $21M, or $3.25/share. The price represents a 23% premium to Monday's close, and a 93% premium to where shares traded before Anderson made an initial offer.
The deal will be financed via shares already owned and credit facility borrowings. A majority of shares not owned by the Anderson family have to vote in favor of the acquisition.