EB Acquisition, Ltd. disclosed that it plans to submit an increased offer for The Elder-Beerman Stores Corp. within 7 – 10 days. Daniel Summers, managing member of EB Acquisition, said, “We are in the final stages of analyzing the ramifications of the onerous and uncalled for break-up fee imposed by the Board of Directors on any competing bidders for the company. I fully expect to submit an increased offer within the next week to ten days, obviously subject to completion of our due diligence. I anticipate exceeding the existing offer currently on the table from Wright Holdings.”
Elder-Beerman entered into a merger agreement with Wright Holdings, Inc., a company formed by Goldner Hawn Johnson & Morrison Incorporated, on June 25, 2003. The merger agreement calls for the shareholders of Elder-Beerman to receive $6.00 per share for their common stock.
