
U.S. parent company bids to acquire all of Sears Canada CBC \|\| December 08, 2005 The U.S. parent company of Sears Canada Inc. on Monday released a proposal to buy the 46.2 per cent of the company that it does not already own. It's offering $835.4 million for the shares. The deal would give shareholders $16.86 per share in cash, plus the $18.64 per share distribution (TSX:SCC) that was announced last Friday. Sears Holdings Corp. (NASDAQ:SHLD) said the offer represents an 8.7 per cent premium on the Friday closing price of Sears Canada's common shares. Investors responded by sending shares of Sears Canada up more than 6 per cent on the TSX. The stock was up $2.20 at $36.35. Shares of Sears Holdings dipped $2.86 US to $116.71 US on Nasdaq. Based in Hoffman Estates, Ill., Sears Holdings has over 57.7 million, or 53.8 per cent, of Sears Canada's outstanding common shares. After the deal is complete, Sears Canada would be a wholly owned subsidiary of Sears Holdings. Article Posted at www.KnowledgeDrivenRevolution.com "The Sears Holdings proposal represents an excellent opportunity for Sears Canada shareholders to realize a premium and liquidity for their shares," said Sears Holdings vice-chairman Alan Lacy. "On a stand-alone basis, Sears Canada's retail business faces an increasingly competitive retail environment in Canada, and the principal factor that will determine the value of this business is the prospects for its retail operations," Lacy said. "We expect to continue to operate Sears Canada as a retail business," he added. Sears Canada said its board will form an independent committee to handle review of the takeover offer and make a recommendation to investors about whether to accept it. Last Friday, Sears Canada announced it would return $18.64 per share, or roughly $2 billion in total, to investors in the wake of the sale of the company's credit and financial services business. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
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U.S. parent company bids to acquire all of Sears Canada

CBC || December 08, 2005

The U.S. parent company of Sears Canada Inc. on Monday released a proposal to buy the 46.2 per cent of the company that it does not already own. It's offering $835.4 million for the shares.

The deal would give shareholders $16.86 per share in cash, plus the $18.64 per share distribution (TSX:SCC) that was announced last Friday.

Sears Holdings Corp. (NASDAQ:SHLD) said the offer represents an 8.7 per cent premium on the Friday closing price of Sears Canada's common shares.

Investors responded by sending shares of Sears Canada up more than 6 per cent on the TSX. The stock was up $2.20 at $36.35.

Shares of Sears Holdings dipped $2.86 US to $116.71 US on Nasdaq.

Based in Hoffman Estates, Ill., Sears Holdings has over 57.7 million, or 53.8 per cent, of Sears Canada's outstanding common shares. After the deal is complete, Sears Canada would be a wholly owned subsidiary of Sears Holdings.

Article Posted at www.KnowledgeDrivenRevolution.com

"The Sears Holdings proposal represents an excellent opportunity for Sears Canada shareholders to realize a premium and liquidity for their shares," said Sears Holdings vice-chairman Alan Lacy.

"On a stand-alone basis, Sears Canada's retail business faces an increasingly competitive retail environment in Canada, and the principal factor that will determine the value of this business is the prospects for its retail operations," Lacy said.

"We expect to continue to operate Sears Canada as a retail business," he added.

Sears Canada said its board will form an independent committee to handle review of the takeover offer and make a recommendation to investors about whether to accept it.

Last Friday, Sears Canada announced it would return $18.64 per share, or roughly $2 billion in total, to investors in the wake of the sale of the company's credit and financial services business.

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