NEW YORK — The Bon-Ton Stores raised the ante for Elder-Beerman Stores Corp. to more than $200 million Monday with its latest offer of $8 a share.
Shares of Elder-Beerman jumped 12.6 percent, or 91 cents, to close at $8.11 in over-the-counter trading on Monday, following the news that Bon-Ton lifted its bid to $92.8 million for the department store retailer’s stock, plus the assumption of about $110 million in debt.
On Friday, as reported, Wright Holdings offered $7.80 a share for the Dayton, Ohio-based department store group. Bon-Ton has outbid Wright three times in their financial duel.
In the latest round, Bon-Ton said Monday it was prepared to sign an agreement immediately, after which a subsidiary of Bon-Ton would commence a tender offer for all outstanding shares of Elder-Beerman. Bon-Ton also said in a statement that it has obtained letters from financing sources confirming its wherewithal to finance the deal.
Wright has a day to counter with a higher offer. Michael Sweeney, managing director at Goldner Hawn Johnson & Morrison, which owns Wright Holdings, did not return phone calls for comment by press time.