Hoffman Estates, IL, March 28--Sears shareholders who wanted stock in the new Sears Holdings that resulted from the acquisition of the department store chain by Kmart Holding Corp. will get stock for about 59 percent of their shares, Sears Holdings said on Monday.
The rest of their shares will be exchanged for $50 cash per share, the No. 3 U.S. retailer, which begins trading on Nasdaq Monday, said.
Holders of 219.5 million Sears, Roebuck shares chose to take stock in the new company, while holders of 8.3 million shares chose cash, Sears Holdings said. No choice was made by holders of 9.5 percent of Sears, Roebuck shares.
Kmart shareholders receive one share in the new company for each Kmart share, according to terms of the acquisition, which was approved by Kmart and Sears, Roebuck shareholders on Thursday.
The final results of the cash and stock elections are expected to be announced on or around Wednesday, the retailer said.
