Alco Stores Shareholders Reject $47M Buyout By Argonne

Law360, New York (October 31, 2013, 4:39 PM EDT) -- Alco Stores Inc. has canceled its merger with Argonne Capital Group after shareholders rejected the deal in a vote, the Midwestern retailer announced Thursday.

Argonne agreed to acquire the variety store chain in July for $14 per share or $47 million total, according to the initial agreement documents. But though the retailer's board of directors unanimously approved the merger and recommended it to shareholders, the majority of them rejected the deal.

“Our shareholders have spoken and said they want the company to follow through on the...
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