The Elder-Beerman Stores Corp (Nasdaq:EBSC) today commenced its previously announced self-tender offer for up to 3,333,333 shares, or approximately 22 per cent, of its common stock. Under the terms of the offer, the company will invite shareholders to tender their shares at prices specified by the tendering shareholders at a purchase price not in excess of $6.00 nor less than $4.50 per share. The tender offer began on Friday, September 8, 2000, and will expire at 12:00 midnight, New York City time, on Thursday, October 5, 2000, unless extended by the company. The company will determine a single per share purchase price, net to the seller in cash, without interest, that it will pay for validly tendered shares, taking into account the number of shares tendered and the prices specified by the tendering shareholders. If the offer is over-subscribed, shares will be purchased first from shareholders owning fewer than 100 shares and tendering all of such shares at or below the purchase price determined by the company and then from all other shares tendered at or below such purchase price on a pro rata basis. The tender offer will not be conditioned on any minimum number of shares being tendered. The company reserves the right, in its sole discretion, to purchase more than 3,333,333 shares, subject to compliance with applicable law. Wasserstein Perella & Co will act as dealer manager, and Morrow & Co will be the information agent. The company's board of directors has approved this tender offer. However, neither the board, the dealer manager, or the information agent is making any recommendation to shareholders as to whether they should tender any shares pursuant to the offer.