USA: Elder-Beerman Announces Results of Self-Tender Offer

The Elder-Beerman Stores Corp (Nasdaq:EBSC) today announced the preliminary results of its self-tender offer, which expired at 12:00 midnight, New York City time, on Thursday October 5, 2000. The company's tender offer, which started on September 8, 2000, will purchase up to 3,333,333 shares of its common stock at a price between $4.50 and $6.00 per share, net to the seller in cash, without interest. Based on a preliminary count by the depositary for the tender offer, Elder-Beerman expects to purchase 3,333,333 shares at $5.25 per share from the shares tendered at or below $5.25. Elder-Beerman also expects to purchase an additional 54,277 shares, or approximately 0.4 per cent of the outstanding shares, which is the additional amount that may be purchased without amending or extending the tender offer. The total number of shares Elder-Beerman expects to purchase is 3,387,610 shares. Shares tendered at prices higher than $5.25 will be promptly returned. The actual number of shares to be purchased and the purchase price are subject to final confirmation and the proper delivery of all shares tendered and not withdrawn, including shares tendered pursuant to the guaranteed delivery procedure. Payment for shares accepted and return of all shares tendered but not accepted will occur as soon as practicable after determination of the number of shares properly tendered. After completion of the tender offer, Elder-Beerman will have approximately 11,285,076 shares of common stock outstanding. The dealer-manager for tender offer was Wasserstein Perella & Co.