Sears Holdings to mail take-over bid circular for Sears Canada
06 Feb '06
2 min read
Sears Holdings Corporation anticipates mailing this week its take-over bid circular for all of the outstanding common shares of Sears Canada Inc, other than those already held by Sears Holdings and its affiliates.
Sears Holdings expects to receive in the next few days the independent formal valuation required to be included in the take-over bid circular.
Sears Holdings' offer, which was announced on December 5th 2005, offers Sears Canada shareholders C$16.86 per share.
Sears Holdings also informed that it will waive the minimum condition of its offer, so that subject to the satisfaction or waiver of the other conditions, Sears Holdings will acquire any and all Sears Canada shares tendered to its offer prior to the expiration date.
Natcan Investment Management Inc has agreed to tender all common shares it owns or controls to the offer. As of December 5, 2005, it owned or controlled 9,699,862 common shares or approx. 9.06 percent of the outstanding common shares of Sears Canada.
Alan Lacy, Vice Chairman of Sears Holdings, said "We are fully committed to moving forward with our offer at C$16.86 per share and purchasing any shares tendered at that price, including those owned by Natcan."
Lacy added, "We believe that most Sears Canada shareholders will agree that C$16.86 is a fair price and will tender their shares to our offer once it is formally made. We feel it is important to communicate to shareholders that we intend to purchase all validly tendered shares and, while we would prefer to own 100 percent of Sears Canada, we are committed to increasing our ownership through this offer in any case."
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