Sears Holdings Confident in Takeover
April 2006
Sears Holdings Corp. announced that its bid to take over Sears Canada has become a reality, now that it has received sufficient commitments to push the deal through.
“We are pleased that our transaction has received the support of a majority of the minority shareholders, including the two largest minority shareholders,” said Alan Lacy, vice chairman of the company. “With the success of our offer assured, we expect other Sears Canada shareholders to tender their common shares in order to promptly receive our offer price.”
According to The Associated Press, Sears expects to close the deal in December and then take Sears Canada private.
The company said it will extend its offer to Sears Canada shareholders through August 31.
“We are pleased that our transaction has received the support of a majority of the minority shareholders, including the two largest minority shareholders,” said Alan Lacy, vice chairman of the company. “With the success of our offer assured, we expect other Sears Canada shareholders to tender their common shares in order to promptly receive our offer price.”
According to The Associated Press, Sears expects to close the deal in December and then take Sears Canada private.
The company said it will extend its offer to Sears Canada shareholders through August 31.
