Sears outbids Catterton on Restoration Hardware
November 26, 2007,
Hoffman Estates, Ill. – By proposing an all-cash bid of $6.75 per share in its acquisition move on Restoration Hardware (RH), retail conglomerate Sears Holdings has surpassed the $267 million bid made Nov. 8 by investment firm Catterton Partners.
The Catterton offer (proposed through its Home Holdings entity) was set at $6.70 per share.
In negotiations that followed on Sunday, Nov. 25, the special committee of the RH board of directors rebuffed Sears’ request to enter into a confidentiality agreement, the filing also notes. Sears said in its letter to RH that it would need more than the current, publicly available information on the company, in order to make its bid.
Sears Holdings became the largest stockholder in RH with a recent purchase of 13.7% of voting shares.