Associated said it will review May’s two offers.

At a board meeting on Monday, Associated Dry Goods will consider both the original $66-per-share stock swap and the later $60-per-share tender offer made by May Department Stores, Associated Chairman Joseph H. Johnson said. The board will also consider “other alternative courses of action available to us,” he said. May disclosed in a filing with the SEC that it has obtained a commitment from Citibank to advance $300 million as part of a $1.5-billion line of credit. May estimated that it would take $1.375 billion to buy the 21 million shares targeted in the tender offer and to pay related fees and expenses.