Additionally, Sears Holding has waived its minimum condition, meaning that it will acquire any shares that it is able to instead of holding out for 100% of them. The organization already owns more than 57 million common shares of Sears Canada, representing roughly 53.8% of the outstanding common shares of the chain. 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).

Sears Holdings' vice chairman Alan Lacy said in a statement: "We believe that most Sears Canada shareholders will agree that C$16.86 is a fair price and will tender their shares to our offer once it is formally made. We feel it is important to communicate to shareholders that we intend to purchase all validly tendered shares and, while we would prefer to own 100% of Sears Canada, we are committed to increasing our ownership through this offer in any case."

Neither Sears Holdings nor Sears Canada were available for comment for this story.