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Article: Investment group is set to acquire ShopKo.(Goldner Hawn Johnson and Morrison Inc. acquires ShopKo Stores Inc.)(Brief Article)
- Article from:
- Chain Drug Review
- Article date:
- May 2, 2005
CopyrightCOPYRIGHT 2005 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREEN BAY, Wis. -- ShopKo Stores Inc. has been acquired by a Minneapolis-based equity investment firm for slightly more than $1 billion.
Under the terms of the deal the investment firm, Goldner Hawn Johnson & Morgan Inc., has agreed to convert each of ShopKo's 29.8 million outstanding shares of common stock into the right to receive $24 in cash.
In addition, the firm will assume approximately $330 million of the discount and drug store operator's debt.
In the wake of the acquisition, there has been a shake-up in the ranks of ShopKo's upper management. As the deal was announced ShopKo chairman Jack Eugster revealed that he was vacating that ...