Benzinga's M&A Chatter for Thursday July 25, 2013
The following are the M&A deals, rumors and chatter circulating on Wall Street for Thursday July 25, 2013:
ALCO Stores to Be Acquired by Argonne Capital Group for $14/Share in Cash
ALCO Stores (NASDAQ: ALCS) and PE firm Argonne Capital announced Thursday that the companies have agreed that Argonne will acquire all of the outstanding shares of ALCO Stores' common stock for $14.00 per share in cash. The total value of the deal is approximately $47 million.
The deal is expected to close later this year.
ALCO Stores closed at $13.81 Thursday, a gain of 61% on 19 times average volume.
Hearing Hudson Bay Hires Merrill Lynch as Advisor in Bid for Saks
Shares of Saks (NYSE: SKS) surged higher Thursday on a story from Deal Reporter that Canada's Hudson Bay Company had hired Merrill Lynch as an advisor in preparation for a bid for Saks. Women's Wear Daily reported on June 24 that Hudson's Bay was looking at a bid for Saks. A spokesperson for Saks declined comment on the report. A Hudson's Bay spokesperson was not available for comment. Other potential buyers previously mentioned include KKR (NYSE: KKR) and Starwood's (NYSE: HOT) Barry Sternlicht. Saks closed at $15.18 Thursday, a loss of $0.03 on almost twice average volume.
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