The Bon-Ton submits offer for Elder-Beerman

By Staff -- Home Textiles Today, 9/5/2003 12:00:00 AM

York, PA — The Bon-Ton Stores today said it has submitted a firm offer to Elder-Beerman that would give the latter’s shareholders $7.00 per share in cash for their common stock. In a letter to Elder-Beerman’s board, Bon-Ton chairman and ceo Tim Grumbacher stated that promptly after signing a merger agreement The Bon-Ton would commence a tender offer to purchase all of the company’s outstanding shares. The Bon-Ton also advised the board that it has received written commitments from financing sources to fund the combination.

Elder-Beerman operates 68 department stores in Ohio, West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin, Pennsylvania and Iowa. The Bon-Ton Stores operates 72 department stores in Pennsylvania, New York, Maryland, New Jersey, Connecticut, Massachusetts, New Hampshire, Vermont and West Virginia.