follow us

Bon-Ton wins over Elder-Beerman

Dayton, OH — After months of bids and counter-bids among two potential suitors, Elder-Beerman today announced it entered into a agreement to be acquired by The Bon-Ton. Elder-Beerman shareholders will receive $8 per share in cash — $1 more than Bon-Ton originally bid.

Within the next five days, Bon-Ton will commence a tender offer to purchase all outstanding shares, followed by a second step merger of Elder-Beerman with a subsidiary of Bon-Ton. The completion of the tender offer is conditioned, among other things, upon at least two-thirds of Elder-Beerman's outstanding common shares, on a fully diluted basis, being tendered and not withdrawn prior to the expiration date of the offer; the proceeds of the financings under Bon-Ton's commitment letters being available to Bon-Ton; and satisfaction of applicable regulatory requirements.

Elder-Beerman also terminated its merger agreement with Wright Holdings, with which it entered into agreement in June. Wright Holdings — an investment consortium led by Elder-Beerman ceo Byron Bergren — last week had upped its bid offer to $7.05 per share in cash.

Other Home Furnishings Sites

Casual Living
Gifts and Decorative Accessories
Home Accents Today
Kids Today
Furniture Today