YOUNKERS GETS CARSON’S REPLY TO BID REJECTION
NEW YORK — Stanton J. Bluestone, president and chief executive officer of Carson Pirie Scott & Co., responded Tuesday to Younkers’ rejection of his firm’s $17-per-share buyout bid, saying the retailer “continues to remain fully committed to seeing that Younkers’ stockholders are given an opportunity to directly consider our acquisition proposal.”
“For the time being, we will continue to monitor developments at Younkers as we evaluate how we should proceed,” he added.
Bluestone went on to say that Carson’s is “disappointed” Younkers’ board rejected the offer without explaining why it feels the Des Moins, Iowa-based chain is worth more than $17 a share. He reiterated Carson’s belief in the fairness of the bid, “especially in light of the steady deterioration in Younkers’ operating performance over the last year and a half.”
As reported, Milwaukee-based Carson’s made its $152 million cash offer for Younkers on Oct. 27, and late the following day requested a meeting with the retailer’s board to negotiate.
— Fairchild News Service