Hoffman Estates, IL, March 20, 2006--Sears Holdings Corp. said it had extended its offer to buy Sears Canada, and it had also taken up another 10.2 million shares of its target, giving it about 63.2 percent of outstanding shares of the Canadian retailer.
Sears Holdings extended its offer to buy Sears Canada shares for C$16.86 each until 8:00 p.m. EST on March 31. Sears Holdings did not change the price it had offered earlier.
Sears Holdings said it will support eliminating Sears Canada's C$0.06 per-share dividend and wouldn't support any extraordinary dividend or distribution to public shareholders in 2006, if it does not get a majority of the remaining Sears Canada shares.
"Unless shares that, when combined with the shares already tendered, represent a majority, and the minority agree to support our transaction, we do not intend to extend our offer again," Sears Holdings vice chairman Alan Lacy said in a statement.
Sears Holdings is searching for new independent directors for the Canadian company since six independent directors said they would not to stand for reelection, the company said
