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Sears Canada in $719M Buyout

HOFFMAN ESTATES, IL-Sears Holdings Corp. offers C$35.50 for all of the outstanding shares of Sears Canada Inc. Sears Holdings already owns more than 57 million common shares.

By Jennifer D. Duell | Updated on December 06, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

HOFFMAN ESTATES, IL-Sears Holdings Corp. has put all the pieces in place to acquire Sears Canada Inc. for $719 million. The company is offering C$35.50 for all of the outstanding shares of the Toronto-based retailer, an 8.7% premium over Friday’s closing price and a 22.2% premium over the average closing price since Aug. 31.

Sears Holdings already owns more than 57 million common shares, representing roughly 53.8% of the outstanding common shares of Sears Canada. The buyout involves 46.2% of Sears Canada shares that are not held by Sears Holdings. Sears Canada’s next largest shareholder, Natcan Investment Management Inc. had agreed to sell off its 9.7 million shares (or 9.06% of the outstanding shares).

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