USA: The Bon-Ton Wins Elder-Beerman Battle With $93m Bid
Ohio-based Elder-Beerman is the nation's ninth largest independent department store chain with outlets in its home state as well as West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin, Pennsylvania and Iowa.
Its acceptance of The Bon-Ton's offer follows a bidding war with management-led buyout group Wright Holdings Inc which had offered $7.80, or $90.5m, on Monday only to see its offer quickly trumped.
Chairman and CEO of The Bon-Ton, Tim Grumbacher, said in a statement he was delighted with the deal which would see Elder-Beerman become a subsidiary of his firm.
"We are very pleased to have the opportunity to merge these two strong retail companies. The strategic and operational potential of this business combination is exceptional and the ability to add value for our shareholders is very compelling," he said.
"The companies have a similar customer base and comparable merchandise offerings, as well as little or no geographic overlap. We look forward to expanding our partnerships with the vendor community, banks and other business partners, as we work toward the common goal of maximising the potential of this acquisition."
The Bon-Ton, headquartered in Pennsylvania, operates 72 department stores in Pennsylvania, New York, Maryland, New Jersey, Connecticut, Massachusetts, New Hampshire, Vermont and West Virginia.
Help test our new apparel sourcing tool.
- Outlook 2017 – What next for apparel sourcing?
- $1.7bn package to boost Pakistan clothing exports
- Mexico riots hit apparel retailers and shipments
- Is China about to burst its apparel trade bubble?
- M&S clothing growth – What the analysts say
- MAS Holdings planning second industrial park
- Aéropostale to reopen 500 stores across the US
- JC Penney latest retailer to shutter stores?
- Cambodia clothing exports at risk from Brexit
- M&S quality focus finally lifts clothing sales
- Global apparel markets: product developments and innovations, October 2016
- Anti-odour clothing: fresh fashion for an active lifestyle
- Global market review of lingerie – forecasts to 2022
- Outdoor performance apparel 2016: A broader perspective
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar