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Sears Canada deal under scrutiny

Hoffman Estates, Ill. – The Ontario Securities Commission will hold a hearing July 5 related to Sears Holdings’ offer for the shares of Sears Canada Inc.

The hearing was requested by Hawkeye Capital Management, LLC, Knott Partners Management LLC and Pershing Square Capital Management, L.P. The group has challenged the voting process involved in the attempt by Sears Holdings to obtain all outstanding common shares of Sears Canada.

The petitioners have also rejected Sears’ final $18 per share purchase price offer. The firms bought their shares at prices close to $18 and have been attempting to force Sears to up its offer.

In a statement today, Sears Holding said it welcomes the inquiry and said it expects a prompt resolution of the matter.

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