Although at the time GHJM
doubled the equity it planned to put into the purchase to $60 million, critics contended that it was putting too little of its own money into the deal, planning instead to finance it by mortgaging ShopKo's real estate.
Subsequently, Badger Retail, the GHJM
affiliate, sweetened the offer to $25.
Badger Retail, the GHJM
affiliate, subsequently sweetened its offer to $25.