logo-loader
Sears Holdings Corp

Sears CEO’s hedge fund throws ‘critical’ lifeline to buy Kenmore brand for US$400mln

Eddie Lampert has proposed signing a tentative deal and then allowing Sears to shop for a competing offer before closing the deal within 60 to 90 days

Sears store
Lampert’s hedge fund, ESL Investments, has also proposed buying the company’s home-services division for US$70mln

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

Quick facts: Sears Holdings Corp

Price: £0.00

Market: NASDAQ
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Arcadia Biosciences makes major progress on its hemp venture...

Arcadia Biosciences Inc (NASDAQ:RKDA) CEO Raj Ketkar tells Proactive the California-based company expects to “significantly scale revenues in 2020” as it reported financial and business results for the second quarter and first half of 2019. Ketkar says the agricultural innovation company made...

2 days, 8 hours ago

RNS

Net Asset Value(s)

2 days, 22 hours ago

Net Asset Value(s)

3 days, 22 hours ago

Net Asset Value(s)

4 days, 22 hours ago

Net Asset Value(s)

5 days, 22 hours ago

Net Asset Value(s)

6 days, 22 hours ago

Net Asset Value(s)

1 week, 3 days ago

Net Asset Value(s)

1 week, 4 days ago

Net Asset Value(s)

1 week, 5 days ago

2 min read