- Alco Stores (ALCS) falls 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.
- Press release.
- See also: SA Pro's Whopper Investments on why $14 per share dramatically undervalues the company.
Alco Stores shareholders reject buyout; stock plummets
Oct 30 2013, 22:20 ET