Sears Looks to Buy Rest of Canadian Business
By George Anderson
Sears Holdings announced it has offered to buy all outstanding shares of Sears Canada that it does not already own.
In a released statement, Alan Lacy, vice chairman of Sears Holdings, said its offer “represents an excellent opportunity for Sears Canada shareholders to realize a premium and liquidity for their shares. On a stand-alone basis, Sears Canada’s retail business faces an increasingly competitive retail environment in Canada, and the principal factor that will determine the value of this business is the prospects for its retail operations. We intend to maintain a controlling ownership interest in Sears Canada, but believe Sears Canada will have a much greater opportunity to succeed with the benefits that will come with 100 percent ownership.”
Mr. Lacy said that Sears Holdings intends to continue operating in Canada as a retail business.
Moderator’s Comment: What do you make of Sears Holdings’ bid for full ownership of Sears Canada? –
George Anderson – Moderator
- Sears Holdings Proposes to Acquire
Public Minority Stake in Sears Canada – Sears Holdings Corporation/PRNewswire-FirstCall
- Sears bids for Sears Canada – The Globe and Mail