Sears Holdings Corp. said it may make a binding tender offer to buy Restoration Hardware Inc. if the home furnishings retailer provides access to confidential information, according to a regulatory filing Monday.Based on public information, Sears said it is prepared to offer $6.75 per share for Restoration.
Restoration Hardware told Sears that it is unwilling to sign the confidentiality agreement on Sunday, according to the Securities and Exchange Commission filing.
In a letter to Restoration Hardware’s special committee dated Friday, Sears said it has made “numerous requests” to receive confidential information to determine whether to submit a binding proposal for the company.
Sears’ offer for the company would compete with Restoration Hardware’s previous agreement, announced Nov. 8, to be acquired by private equity firm Catterton Partners for $267 million, or $6.70 per share.
In its letter, Sears said Restoration Hardware did not provide the company with guidance or information that would have enabled the company to submit a superior proposal in advance of the Catterton agreement.
On Nov. 19, Sears purchased a 13.7 percent stake in Restoration Hardware and said it is considering a takeover of the specialty home furnishings retailer.
Restoration Hardware shares dipped 8 cents to $6.98 in morning trading, after closing Friday at $7.06. Sears shares fell $2.49 to $110.09.
Sears is buying restoration. Restoration a hardware company already had sold 13.7 to sears, but now since sears wants to dohmeenate, it can’t bear the sharing of revenues.
Acquisitions are such a vital part of a business. Making a business grows first requires to look at your competitors. You can make it? why not buy it? Keep this concept in mind, and you shall atain anything.
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