Sears Holdings Corp. (Hoffman Estates, Ill.) has extended its offer for all the common shares of Sears Canada Inc. (Toronto) until 5 p.m. EDT on September 29, 2006.
The offer is worth $775 million ($892 million Canadian).
Sears has also appealed a ruling by the Ontario Securities Commission that has stalled the deal. The ruling dealt with how Sears can measure the shareholder votes on the proposed acquisition. The commission said Sears Holdings gave better terms to a number of minority shareholders in return for their support and failed to disclose the arrangements. The Ontario Divisional Court will hear argument on the appeal on September 18.
Sears Canada, one of the country’s biggest department store retailers, operates nearly 125 stores that sell home fashions, appliances and apparel; about 50 furniture and appliances stores; a dozen outlet stores; and the largest catalog business in Canada.