Shopko Receives Acquisition Proposal
Green Bay, Wis., Shopko Stores announced it has received a proposal contemplating the acquisition of the company for $26.50 per share. The unsolicited, non-binding proposal is from Sun Capital Partners Group IV, Developers Diversified Realty Corp., Lubert-Adler Partners and Elliott Management Corp.
The proposal is not subject to any financing contingency and states that the acquirer would discharge Shopko’s breakup fee obligation to Badger Retail Holding upon the execution of a merger agreement.
According to Shopko, its special committee of the board of directors continues to recommend the existing $25.50 per share transaction with Badger Retail Holding.