Sears CEO’s hedge fund throws ‘critical’ lifeline to buy Kenmore brand for US$400mln
Sears Holdings Corp (NASDAQ:SHLD) CEO Eddie Lampert Tuesday offered to buy one of the financially strapped department chain’s last remaining valuable product brands, describing a speedy deal as “critical.”
Through his hedge fund ESL Investments, billionaire Lampert delivered an offer worth US$400mln for the Kenmore house appliances brand.
According to a letter Lampert sent to Sears’s board, as reported by MarketWatch, the offer by ESL is contingent on obtaining equity financing from an unnamed potential partner. ESL also proposed buying the company’s home-services division for US$70mln.
Lampert proposed signing the tentative deal and then allowing Sears to shop for a competing offer before closing the deal within 60 to 90 days.
READ: Sears to close 72 unprofitable stores after missing market’s fiscal 1Q profit estimate
“Speed and certainty here are critical. We believe, therefore, that an expedited process is in the best interest of all parties involved,” Lampert wrote.
The offers came after Lampert expressed interest in the possibility of acquiring Kenmore and certain other Sears assets in April.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202964/sears-ceos-hedge-fund-throws-critical-lifeline-to-buy-kenmore-brand-for-us400mln-202964.html
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