Buyout Group Sweetens ShopKo Deal
Green Bay, Wis., Private equity firm Goldner Hawn Johnson & Morrison raised its bid to acquire ShopKo Stores Inc. by 4%, to about $754 million.
The move came after proxy shareholder adviser Institutional Shareholder Services called the original bid too low and recommended ShopKo shareholders vote it down during a special meeting on Sept. 14. That sentiment was echoed by minority shareholders John Levin and Elliott Associates LP, which respectively own 6% and 8% of ShopKo.
ShopKo said it would postpone the vote from its originally scheduled date to give shareholders time to consider the new offer.