Elder-Beerman OKs Bon-Ton Bid

The board of directors of Elder-Beerman Stores Corp. (Dayton, Ohio) has voted to accept an $82 million merger offer from Bon-Ton Stores (York, Pa.).

A rival suitor for Elder-Beerman, Wright Holdings, was given three days to beat the Bon-Ton offer. The Elder-Beerman board had voted in July to accept an offer from Wright Holdings, a subsidiary of private equity investor Goldner Hawn Johnson & Morrison (Minneapolis) worth about $70.5 million.

Bon-Ton is a 72-unit department store chain selling apparel, accessories and home furnishings in nine Northeastern and Middle Atlantic states. Elder-Beerman operates 68 stores in the Midwest.