The Bon-Ton submits offer for Elder-Beerman
September 5, 2003-- Home Textiles Today,
York, PA — The Bon-Ton Stores today said it has submitted a firm offer to Elder-Beerman that would give the latter’s shareholders $7.00 per share in cash for their common stock. In a letter to Elder-Beerman’s board, Bon-Ton chairman and ceo Tim Grumbacher stated that promptly after signing a merger agreement The Bon-Ton would commence a tender offer to purchase all of the company’s outstanding shares. The Bon-Ton also advised the board that it has received written commitments from financing sources to fund the combination.
Elder-Beerman operates 68 department stores in Ohio, West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin, Pennsylvania and Iowa. The Bon-Ton Stores operates 72 department stores in Pennsylvania, New York, Maryland, New Jersey, Connecticut, Massachusetts, New Hampshire, Vermont and West Virginia.
Related Content By Author
Industry Related Content
DayThree from the NY Textiles Market