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Report: Alco receives higher takeover bid

Abilene, Kan. – Alco Stores reportedly has received a takeover bid from its largest shareholder, Everbright Development Overseas Ltd., which is larger than the bid it received on July 25 from Argonne Capital. According to Reuters, the Everbright offer of $14.30 per share in cash values Alco at $46.6 million.

In contrast, the previous bid from Argonne offered $14 cash per share, or about $45 million. That offer included a clause allowing Alco to take rival bids through Aug. 23.