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Sears Holdings buys 10.16m Sears Canada shares, extends offer
20 Mar '06
3 min read
Sears Holdings Corporation has announced that its wholly-owned subsidiary SHLD Acquisition Corp has taken up 10,161,968 common shares of Sears Canada pursuant to its take-over bid, representing approxi. 9.5 percent of Sears Canada's outstanding shares.
As a result, Sears Holdings now owns approxi. 63.2 percent of the outstanding shares of Sears Canada. In addition, SHLD Acquisition Corp has extended its offer to 8:00 p.m. (EST) on March 31st 2006 to allow Sears Canada shareholders a further opportunity to deposit their common shares to the offer.
Sears Holdings will acquire any and all shares validly tendered to its offer prior to the extended expiry time. A formal notice of the extension of the offer will be mailed to Sears Canada's shareholders today.
Alan Lacy, VC of Sears Holdings, said, "We are extending our offer to provide shareholders with a continued opportunity to tender to our C$16.86 offer which we believe represents a full and fair price. Unless shares that, when combined with the shares already tendered, represent a majority of the minority agree to support our transaction, we do not intend to extend our offer again."
As a result of the announcement by six independent directors not to stand for re-election at the forthcoming annual meeting of Sears Canada, Sears Holdings has initiated a search for new independent directors. It plans to nominate and elect three suitably qualified independent directors to replace the current independent directors who will not be serving beyond the next annual meeting.
As a result, Sears Holdings now owns approxi. 63.2 percent of the outstanding shares of Sears Canada. In addition, SHLD Acquisition Corp has extended its offer to 8:00 p.m. (EST) on March 31st 2006 to allow Sears Canada shareholders a further opportunity to deposit their common shares to the offer.
Sears Holdings will acquire any and all shares validly tendered to its offer prior to the extended expiry time. A formal notice of the extension of the offer will be mailed to Sears Canada's shareholders today.
Alan Lacy, VC of Sears Holdings, said, "We are extending our offer to provide shareholders with a continued opportunity to tender to our C$16.86 offer which we believe represents a full and fair price. Unless shares that, when combined with the shares already tendered, represent a majority of the minority agree to support our transaction, we do not intend to extend our offer again."
As a result of the announcement by six independent directors not to stand for re-election at the forthcoming annual meeting of Sears Canada, Sears Holdings has initiated a search for new independent directors. It plans to nominate and elect three suitably qualified independent directors to replace the current independent directors who will not be serving beyond the next annual meeting.
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