Executives have now asked bidders to submit their "best and final offer." Shareholders will meet on Oct. 26 to vote on the deal.
Joining Developers Diversified in its offer are Sun Capital Partners Group, Lubert-Adler Partners and Elliott Management Corp. Executives at Cleveland-based Developers Diversified are interested in ShopKo after closing on 32 Mervyns department stores last month for $319.1 million with joint-venture partner Macquarie Bank Ltd. Sun Capital and Lupert-Adler are partial owners of the 250-store chain, which they acquired last year with Cerebus Capital Management and Klaff Partners.
Minneapolis-based Goldner Hawn has invested in a number of various companies, including Phoenix-based designer Samuel Lawrence Furniture Co. The private-equity firm has made about $2 billion in transactions since it was founded in 1989.
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