Alco declines alternate acquisition proposal

Coppell, Texas – Alco Stores, Inc. is not accepting an acquisition proposal from Everbright Development Overseas, Ltd., Luis Chang and Mai Wong. The Alco board of directors has determined that the proposal, tendered on Sept. 6, is not a superior proposal to a roughly $47 million offer the retailer received from Argonne Capital Group LLC on July 25.

Alco intends to file proxy materials with the Securities and Exchange Commission (SEC) that will detail the background of the company's discussions with Everbright and its advisors, and the reasons that the board of directors of the company did not conclude that the Everbright proposal was a "Superior Proposal" under the terms of the Argonne merger agreement.
 

 

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