Sears Holding raises offer for Restoration Hardware
Bid now higher than private equity firm
Larry Thomas -- Home Accents Today, 11/26/2007 6:25:00 AM
Sears Holdings, which last week disclosed it had acquired a 13.7% stake in Top 100 retailer Restoration Hardware, has offered $6.75 per share for all of the company’s stock.
The takeover offer, unveiled in a filing with the Securities and Exchange Commission today, is 5 cents per share higher than an earlier offer from Catterton Partners, a private equity firm.
In the new filing, Sears hinted that it might be willing to increase its offer, but said it was frustrated by Restoration Hardware’s unwillingness to enter in to a confidentiality agreement so Sears could examine the company’s operations more thoroughly.
Sears says its offer is superior to the Catterton proposal because it would be an all-cash transaction, and would include “a lower, more reasonable break-up fee” than the Catterton agreement.
Sears Holdings is the parent company of Sears and Kmart.
-- Furniture Today
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