The Sears Holdings offer will be subject to customary conditions, including the tender by holders of a majority of the Sears Canada common shares not already owned by Sears Holdings and its affiliates on a fully diluted basis.
Sears Holdings has requested that Sears Canada establish an independent committee of the Sears Canada board of directors to supervise the preparation of a formal valuation and review and make a recommendation with respect to the offer.
Following completion of the valuation, Sears Holdings expects to send its offer to the shareholders of Sears Canada and to make all necessary filings with the appropriate securities regulatory authorities.
Sears Holdings Corporation is the nation's third largest broadline retailer, with approximately $55 billion in annual revenues, and with approximately 3,900 full-line and specialty retail stores in the United States and Canada.
Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance.
Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands.
It also has Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart and in Canada by Sears Canada. The company is the nation's largest provider of home services, with more than 14 million service calls made annually.
Sears Holdings Corporation
marketing@alchempro.com
