Aug 15 ALCO Stores Inc, the subject of
a takeover offer by Altanta-based private investment firm
Argonne Capital, said it had received a higher bid from its
largest shareholder, Everbright Development Overseas Ltd.
The $14.30 cash offer values ALCO at $46.6 million.
In July, Alco agreed to be bought by Argonne for
$14 per share, with a clause that the retailer may solicit
alternative proposals through Aug. 23.
ALCO Stores operates 217 stores in 23 states, primarily in
the U.S. Midwest. Shares of Alco, which have risen about 65
percent since Argonne made its offer on July 25, closed at
$14.14 on the Nasdaq on Thursday.