The Associated Press

DAYTON, Ohio - Retailer Elder-Beerman Stores Corp., which has agreed to sell itself to a Minnesota company, said Tuesday that it has gotten another offer.

The Bon-Ton Stores Inc. of York, Pa., has offered $7 for each common share of Elder-Beerman stock, $1 more than Wright Holdings Inc. has offered.

In a letter, Bon-Ton chief executive Tim Grumbacher said Bon-Ton's offer is in the best interests of both companies' shareholders, customers and employees.

Last month, Elder-Beerman said it had agreed to sell the company to Wright Holdings, a company formed by Minneapolis-based Goldner Hawn Johnson & Morrison Inc.

Elder-Beerman shareholders must still approve the $69 million deal.

A vote is scheduled in September.

Bon-Ton, a clothing and accessory retailer based in York, Pa., said it is prepared to complete the transaction by the end of September.

Elder-Beerman said its board of directors has agreed to provide Bon-Ton with information it wants and enter into negotiations "as appropriate."

Elder-Beerman said it is continuing to proceed with its agreement with Wright Holdings.

The news sent Elder-Beerman shares up 65 cents to $6.67 on the Nasdaq Stock Market. Bon-Ton closed at $5.37, down 10 cents a share.

Elder-Beerman employs about 6,100 workers and operates 68 stores in Ohio, West Virginia, Indiana, Michigan, Illinois, Kentucky, Wisconsin and Pennsylvania.

Bon-Ton sells clothing, accessories and home furnishings in 72 department stores in Pennsylvania, New York, Maryland, New Jersey, Connecticut, Massachusetts, New Hampshire, Vermont and West Virginia.

It employs about 8,700 workers.