Sears and Kmart parent Transform to buy Sears Hometown shares not owned by Eddie Lampert's ESL [MarketWatch]
SEARS HOMETOWN & OUTLET (SHOS)
US:NASDAQ Investor Relations:
searshometownstores.com
Company Research
Source: MarketWatch
Sears and Kmart parent Transform to buy Sears Hometown shares not owned by Eddie Lampert's ESL Transform Holdco LLC, the parent of Sears and Kmart, announced Monday a deal to buy the outstanding shares of Sears Hometown and Outlet Stores Inc. SHOS, -0.91% not already owned by ESL Investments Inc. for $2.25 a share in cash. That represents a 3.2% premium to Friday's closing price. The stock was still inactive in premarket trade. "We are excited to bring Sears Hometown, its associates and network of independent dealers and franchisees back into the Sears and Kmart family," said Edward Lampert, Chairman of Transform and Chief Executive of ESL Investments. Under terms of the deal, Sears Hometown has a specified period of time to market and sell its Sears Outlet and Buddy's Home Furnishing Stores businesses for no less than $97.5 million. Sears Hometown's stock has gained 2.4% year to date through Friday, while the S&P 500 SPX, -1.32% has gained 9.8%.
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