An Alco company spokesperson said late last week that it should be “business as usual” at its stores following the likely sale of the company to a private investment firm based in Atlanta, Ga.
Abilene-based Alco Stores Inc. and Argonne Capital Group announced Thursday that Argonne will acquire Alco Stores’ outstanding common stock for $14 a share. That is a premium of 63 percent to Wednesday’s stock price.
“This transaction should not affect day-to-day operations at the stores,” said the spokesperson. “And because Argonne Capital only buys companies that it believes have strong growth potential, the future for Alco is very bright.”
Alco Stores’ board of directors has approved the deal, according to a news release from the company. Shareholders still have to approve the offer.
Alco also has the right to solicit other offers through Aug. 23.
The deal is expected to close later this year.
The Alco store in Hillsboro opened in 1994.