YORK, PA.--October 8, 2003--The Bon-Ton
Stores, Inc. (Nasdaq: BONT) today announced the expiration on October
7, 2003, of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, applicable to its pending cash
tender offer for all outstanding shares of common stock of The Elder-Beerman
Stores Corp. (Nasdaq: EBSC) at a price of $8.00 net per share in cash.
In addition, The Bon-Ton announced today that on September 29, 2003,
The Bon-Ton was advised by the Ohio Division of Securities that the
review period applicable to the tender offer under the Ohio Control
Bid Law had expired without any action being taken to suspend the tender
As previously announced, The Bon-Ton
and Elder-Beerman entered into a merger agreement pursuant to which
an indirect wholly owned subsidiary of The Bon-Ton, Elder Acquisition
Corp., commenced, on September 23, 2003, an all cash tender offer for
all of the outstanding shares of common stock of Elder-Beerman at a
purchase price of $8.00 net per share in cash. The offer is currently
scheduled to expire at midnight, New York City time, on Tuesday, October
Headquartered in Dayton, Ohio, The Elder-Beerman
Stores Corp. is the nation's ninth largest independent department store
chain and operates 68 stores in Ohio, West Virginia, Indiana, Michigan,
Illinois, Kentucky, Wisconsin and Pennsylvania.
The Bon-Ton Stores, Inc., headquartered
in York, Pennsylvania, operates 72 department stores in targeted markets
in Pennsylvania, New York, Maryland, New Jersey, Connecticut, Massachusetts,
New Hampshire, Vermont and West Virginia. The stores carry a broad assortment
of quality, brand-name fashion apparel and accessories for women, men
and children, as well as distinctive home furnishings.
Note: Statements made in this press release,
other than statements of historical information, are forward looking
statements and are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements involve
risks and uncertainties that may cause results to differ materially
from those set forth in these statements. Factors that could cause such
differences include, but are not limited to, the possible failure to
satisfy the conditions to the tender offer.
THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL
PURPOSES ONLY AND IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION
OF AN OFFER TO SELL SHARES OF ELDER-BEERMAN OR THE BON-TON. THE BON-TON
HAS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION TENDER OFFER DOCUMENTS,
INCLUDING AN OFFER TO PURCHASE, WITH RESPECT TO THE PENDING TENDER OFFER,
AND ELDER-BEERMAN HAS FILED A SOLICITATION/RECOMMENDATION STATEMENT
WITH RESPECT TO THE OFFER. INVESTORS AND SECURITY HOLDERS ARE ADVISED
TO READ SUCH DOCUMENTS BECAUSE THEY INCLUDE IMPORTANT INFORMATION. THE
TENDER OFFER MATERIALS, CERTAIN OTHER OFFER MATERIALS AND THE SOLICITATION/RECOMMENDATION
STATEMENT HAVE BEEN SENT FREE OF CHARGE TO ALL SHAREHOLDERS OF ELDER-BEERMAN.
ALL OF THESE MATERIALS ARE ALSO AVAILABLE FREE OF CHARGE AT THE SEC'S
WEBSITE AT WWW.SEC.GOV OR FROM THE INFORMATION AGENT FOR THE TENDER
OFFER, INNISFREE M&A INCORPORATED, AT (888) 750-5834.