Abilene, Kan. -- Alco Stores Inc. has entered into an agreement to be acquired by private investment firm Argonne Capital Group LLC.
The Atlanta-based Argonne will acquire all the outstanding share of Alco's common stock for $14 per share in cash. The proposed transaction, expected to close later year, would total about $47 million.
Alco's board of directors has unanimously approved the merger agreement and is recommending that shareholders approve it.
"ALCO looks forward to partnering with Argonne, and we believe the support they will provide will accelerate the Company's plans for sustained growth,” said Alco CEO Rich Wilson.
Alco, formerly known as Duckwall-Alco, is in the process of moving its headquarters from Abilene, Kan., to the Dallas suburb of Coppell. The company has 213 stores, mostly in small towns, in 23 states selling home furnishings, outdoor products, electronics sporting goods and clothing.