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Bon-Ton Wins Bidding War for Department Stores.

Publication: Knight Ridder/Tribune Business News
Date: Wednesday, September 17 2003

By Lisa Haarlander, The Buffalo News, N.Y. Knight Ridder/Tribune Business News

Sep. 17--The Bon-Ton Stores has won a bidding war for the nation's ninth largest department store, Elder-Beerman Stores Corp.

The Bon-Ton, which has 10 stores in Western New York, will pay $8 per share for a total cash price of $92.8 million.

The announcement follows a bidding war for the retailer between the York, Pa.-based Bon-Ton and Wright Holdings, a subsidiary of Minneapolis-based Goldner Hawn Johnson & Morrison. The Bon-Ton initially bid $7 per share. Wrigh

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