Sears Canada okays Sears Holdings proposal to buy shares
06 Dec '05
1 min read
Leading multi-channel retailer Sears Canada acknowledged the proposal by Sears Holdings Corporation announced in a press release issued earlier, to acquire all of the outstanding common shares of Sears Canada which Sears Holdings and its affiliates do not already own for $16.86 per common share in cash, after the distribution to shareholders of the $18.64 per share distribution announced on December 2, 2005 by the Board of Directors of Sears Canada. Sears Holdings currently owns approximately 53.8 of the outstanding common shares of Sears Canada.
Sears Canada's Board of Directors will meet shortly to establish an independent committee to supervise preparation of a formal valuation and review, and make a recommendation with respect to the offer.
The Company remains committed to concentrating on its core merchandising business during this most important quarter.
Sears Canada is a multi-channel retailer with a network of 122 full-line department stores, 217 off-mall stores, 62 home improvement showrooms, over 2,200 catalogue merchandise pick-up locations, 113 Sears Travel offices and a nationwide home maintenance, repair, and installation network.
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