(Reuters) - ALCO Stores Inc ALCS.O, 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 August 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.
Reporting by Aditi Shrivastava in Bangalore; Editing by Sreejiraj Eluvangal