FTC Requests More Time to Review Kmart, Sears Merger
Kmart Holding Corp. and Sears, Roebuck and Co. announced last week that they agreed to temporarily withdraw several forms from the Federal Trade Commission necessary for it to complete a review of the proposed merger of the retailers.The move followed a request by the FTC for additional time to review the forms due to the holiday season. It also had requested further information regarding the merger.
In October, Troy, MI-based Kmart offered to buy Sears, Hoffman Estates, IL, for $11 billion to create the third-largest U.S. retailer.
Kmart and Sears will withdraw the previously filed Hart-Scott-Rodino Notification and Report Forms and will refile them by Dec. 28.
Kmart and Sears now expect the FTC review period to expire in January 2005, and for the transaction to close by early March.
Chantal Todé covers catalog news for DM News.com. To keep up with the latest catalog news subscribe to our free e-mail newsletter DM News Daily by visiting http://www.dmnews.com/cgi-bin/newslettersub.cgi
