Sears makes bid for Restoration Hardware

Share this content:
Sears retools into five units
Sears retools into five units

Sears Holdings made a bid for Restoration Hardware Inc. last week, according to a Securities and Exchange Commission filing it made yesterday.

On November 23, Sears sent a letter to a special committee of Restoration Hardware's board of directors offering to buy the upscale multichannel home furnishing merchant for $6.75 per share in cash. The letter asked for confidential information to submit a binding proposal. On Sunday, the board of directors informed Sears that it was unwilling to enter into a confidentiality agreement, according to the letter, which was part of the SEC filing.

Sears' offer would beat the management-led buyout that was announced earlier this month and valued at $6.70 per share, or $267 million. Restoration Hardware announced on November 8 that it had agreed to that deal, which also includes private equity firm Catterton Partners. The retailer is soliciting competing proposals until Dec. 13.

Sears disclosed last week that it owns a 13.7% stake in Restoration Hardware, making it the chain's largest shareholder, according to the filing. 

close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above