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Sears getting a fix on Restoration Hardware
Sears (SHLD) will finally get to kick the tires at Restoration Hardware (RSTO). Ed Lampert’s struggling retail conglomerate signed a confidentiality agreement that will give Sears a look at the furnishing chain’s books. Restoration Hardware agreed last month to go private in a deal worth $6.70 a share, but Sears indicated just weeks later that it would be willing to pay at least $6.75, up from a previous offer of $4 a share. The period during which Restoration Hardware can solicit competing offers to its $267 million buyout agreement with Catterton Partners is due to expire Thursday, so Restoration Hardware’s fate could soon be clear. In the meantime, investors are still scratching their heads about what Lampert is trying to accomplish at Sears.
Sears (SHLD) will finally get to kick the tires at Restoration Hardware (RSTO). Ed Lampert’s struggling retail conglomerate signed a confidentiality agreement that will give Sears a look at the furnishing chain’s books. Restoration Hardware agreed last month to go private in a deal worth $6.70 a share, but Sears indicated just weeks later that it would be willing to pay at least $6.75, up from a previous offer of $4 a share. The period during which Restoration Hardware can solicit competing offers to its $267 million buyout agreement with Catterton Partners is due to expire Thursday, so Restoration Hardware’s fate could soon be clear. In the meantime, investors are still scratching their heads about what Lampert is trying to accomplish at Sears.
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