Bon-Ton bids for Elder-Beerman
July 29, 2003-- Home Textiles Today,
York, PA — The Bon-Ton Stores has offered roughly $80 million to acquire Elder-Beerman — which in late June entered into an agreement to merge with Wright Holdings.
Wright had offered shareholders $6.00 per share for common stock. Upping the ante, Bon-Ton has informed Elder-Beerman's board that it will pay $7.00 per share of common stock. Elder-Beerman's board has authorized discussions and negotiations with Bon-Ton, but stated in a release that it is continuing to proceed with its Wright merger agreement.
In a letter from Tim Grumbacher, chairman and ceo of The Bon-Ton, to Steven Mason, chairman of Elder-Beerman, Grumbacher stated that The Bon-Ton is prepared to commence due diligence and would like to complete the transaction by the end of September.
Elder-Beerman operates 68 stores in Ohio, West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin, Pennsylvania and Iowa. The Bon-Ton operates 72 department stores in targeted markets in Pennsylvania, New York, Maryland, New Jersey, Connecticut, Massachusetts, New Hampshire, Vermont and West Virginia.
Related Content By Author
Industry Related Content
Countdown to Intertextile Shanghai