Sun Capital Steals ShopKo Buy From Rival

Green Bay, Wis., Sun Capital Partners appears to be the winner in its bidding war against Goldner Hawn Johnson & Morrison to acquire ShopKo Stores Inc. ShopKo said today that it agreed to be acquired by a Sun Capital affiliate for $29 per share, an offer which values the retailer at approximately $877 million.

Earlier this month, ShopKo inked an agreement to merge with Goldner Hawn Johnson & Morrison affiliate Badger Retail Holding Inc. at a price of $26.50 per share. After Sun Capital entered the picture, Goldner Hawn upped its offer to $29 per share, but ShopKo declined, stating that Sun Capital had stronger financial stability. ShopKo will pay a $13.5 million break-up fee to Goldner Hawn.