ShopKo deal sweetened … again

GREEN BAY , Wis. -- ShopKo Stores, Inc., Badger Retail Holding, Inc., and Badger Acquisition Corp. (affiliates of Goldner Hawn Johnson & Morrison, Incorporated, a Minneapolis-based private equity firm) have once again sweetened the merger agreement for the acquisition of ShopKo by Badger Retail in an all-cash transaction.

Under the latest terms, each outstanding share of ShopKo's common stock will be converted into the right to receive $25.50 in cash, an increase of 50 cents per share over the price previously agreed to, and $1.50 over the original proposal.

With the additional 50 cents, Goldner Hawn has indicated that John A. Levin & Co. and several of its affiliates (Levco Affiliates) have now agreed to vote all of their shares of ShopKo stock in favor of the amended merger agreement.

Levco Affiliates own 1,818,400 shares of ShopKo, representing approximately 6 percent of the issued and outstanding ShopKo shares. The Levco Affiliates had previously indicated their opposition to the merger agreement.

A vote is scheduled for Oct. 17.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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