Alco Stores shareholders reject buyout; stock plummets

|By:, SA News Editor

Alco Stores (ALCSfalls 19.35% to $11.25 in after-hours trade after shareholders reject a $14 per share buyout proposal from P-E firm Argonne Capital, and thus terminate the merger agreement.

"Our shareholders have spoken and said they want the company to follow through on the initiatives that are underway and build the company's profitability on their behalf." says Chairman Royce Winsten.

See also: SA Pro's Whopper Investments on why $14 per share dramatically undervalues the company.