Alco Store revealed that Argonne Capital Group have offered to acquire the retail chain company. Argonne Capital Group is an Atlanta-based private equity firm. The companies said the Argonne Capital Group will be acquiring Alco Store's outstanding common stock for US$14 per Alco share for a total buyout offer of US$47 million. The offer of US$14 per Alco share represents a 63% premium compared to its stock price at Wednesday's close.
According to official news release from the Alco, the retail chain store firm's board of directors had already approved the deal. Shareholders, however, are yet to approve Argonne Capital's offer. Alco Store still has the chance to solicit other offers from other interested buyers until the 23rd of August.
"We are excited about the opportunity to acquire ALCO Stores, which is a strongly-positioned business that has taken the right steps to move the company forward in today's highly competitive retail environment. The acquisition of Alco would be a clear strategic fit within our existing portfolio of companies and real estate investments serving the dining and retail needs of everyday Americans," Michael Klump, Founder and President of Argonne, said.
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