Kmart Holding Corp. and Sears, Roebuck & Co. said Friday that the waiting period for their proposed merger under the Hart-Scott-Rodino antitrust act expired Thursday.
Kmart, Troy, MI, agreed in November to buy Sears, Hoffman Estates, IL, for about $11 billion. The retailers said Friday that the merger is to close in early March, pending approval by Kmart and Sears shareholders, other regulatory approvals and closing conditions.
In related news, Vornado Trust Realty, which has been rumored to be considering its own bid for Sears, filed plans Wednesday to issue stock worth up to $2.5 billion, plus $5 billion of debt. Analysts in several reports interpreted this move to mean that Vornado could make an all-cash offer equal to or better than Kmart's bid.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters