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Lampert offers $ 21 million for full control
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The day after Sears announced that three new small format stores would open in May, the company made a move to regain full ownership of part of the company that spun in 2012.
Illinois-based Sears Hometown and Outlet Stores announced on Monday that it received a proposal Friday from its largest shareholder and Sears Holdings led Eddie Lampert hedge fund ESL Investments to buy the remaining shares in the company for $ 2.25 per share.
Lampert, ESL and its affiliates have an almost 59% stake in the business, according to records Sears Hometown filed with the US Securities and Exchange Commission.
Ownership is estimated at $ 21 million and a 23.6% premium, Lampert wrote in a letter to Sears Hometown board of Shop premises 2019: Payless, Gymboree and Victoria's Secret are just some of the brand's end-stores
"We believe that our proposal, which will give some value and liquidity to a significant premium at the market price, gives an overall result to the company's shareholders over the uncertain challenges the company faces if it continues on its current path as a stand-alone company, Lampert says.
The transaction will be funded by "cash or loans from ESL and our other members," Lampert said. 19659005] Lampert said the ESL intended to continue only if fully authorized the proposal "on the recommendation of the special committee of independent directors that we understand has been formed to consider any proposal from us."
A company controlled by Eddie Lampert has offered to buy the outstanding shares of Sears Ho metown and Outlet stores he does not already own. (Photo: http://abcnews.go.com/)
I a statement on Monday, said Sears Hometown and Outlet Stores, "the special committee concluded that a transaction on the terms proposed in the proposal would not be in the best interest of the company's non-affiliated shareholders. "
But the statement said:" The parties continue discussions on possible transactions between the parties. "
Sears has closed more than 3,500 stores and cut about 250,000 jobs in about the last 15 the years in which the sale cratered, which led to the company's bankruptcy proceedings in Chapter 11 in October.
The company was on the brink of liquidation, but Lampert's hedge fund made a $ 5.2 billion bid for the company approved by a federal bankruptcy judge in February. About 425 stores and 45,000 employees were transferred to ESL.
Sears Hometown and Outlet Stores – which had 677 locations, including independent dealers and franchisees from February 2 – have been to security damage from October 11's bankruptcy in the Sears department store chain.
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If a deal were to come in the future, it could cut costs and pull out short-term gains, says Neil Saunders, CEO of Retail Consultant GlobalData.
"From a branding perspective, there is some logic in Eddie Lampert and his fund takes control of Sears Hometown and Outlet," said Saunders. "
Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko
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