ALCO Stores, Inc. Announces That the Proposal to Adopt the Merger Agreement
Failed to Receive Required Shareholder Vote
COPPELL, Texas, Oct. 30, 2013 (GLOBE NEWSWIRE) -- ALCO Stores, Inc.
(Nasdaq:ALCS) ("ALCO" or the "Company"), a general merchandise retailer
specializing in providing a superior selection of essential products for
everyday life in small-town America, today announced that, at the special
meeting of the Company's shareholders, held on October 30, 2013, the proposal
to adopt the Agreement and Plan of Merger, dated as of July 25, 2013 (the
"Merger Agreement"), by and among Mallard Parent, LLC, M Acquisition
Corporation and the Company, did not receive approval from more than a
majority of the outstanding shares of the Company's common stock. The Merger
Agreement was therefore not approved by the Company's shareholders. As a
result of the failure to receive such shareholder approval, also on October
30, 2013, the Company terminated the Merger Agreement and abandoned the merger
"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." said Royce Winsten, Chairman of the Board. "Rich and his team
can now focus on their jobs working for our shareholders without distraction."
About ALCO Stores, Inc.
Founded in 1901, ALCO Stores, Inc. is a broad-line retailer, primarily serving
small underserved communities across 23 states, which specializes in providing
a superior selection of essential products for everyday life in small-town
America. The Company has 210 ALCO stores that offer both name brand and
private label products of exceptional quality at reasonable prices. ALCO is
proud to have continually provided friendly, personal service to its customers
for the past 112 years. ALCO has its corporate headquarters in suburban
Dallas, Texas, and its distribution center in Abilene, Kansas. To learn more
about the Company visit www.ALCOstores.com.
CONTACT: For more information, contact:
Wayne S. Peterson
Senior Vice President - Chief Financial Officer
469-322-2900 ext. 1071
Hagen and Partners
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