Stockholders give nod to ShopKo sale
December 27, 2005-- Home Textiles Today,
GREEN BAY, Wis. – Shareholders of heartland discounter ShopKo Stores have overwhelmingly approved the sale of the company to an affiliate of Sun Capital Partners, a private investment firm, in a deal valued at about $877 million.
About 96.5 percent of shareholders who participated in the special ballot held Dec. 23, voted in favor of the deal that will pay them about $29 a share. The deal was expected to close by the end of 2005 but the retailer said it could be delayed by the heavy volume of year-end business.
In April, shareholders agreed to be bought out by another investment firm, Goldner Hawn Johnson and Morris, but that deal stalled. ShopKo will now pay the spurned suitor a $13.5 million break-up fee.
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