Retail
Sears said in its letter to Restoration's board that it is "concerned" by certain aspects of the management and director-led buyout, saying that the company entered into a confidentiality agreement with Catterton in July and has since been focused on that deal rather than exploring other offers.
"Notwithstanding our known interest, you did not provide us with either guidance or information which could potentially have enabled us to submit a superior proposal to the insider deal in advance of its execution," Sears said in the letter. Shares of Sears Holdings recently were down 49 cents to $112.09. Restoration Hardware shares were trading down 8 cents to $6.98. The stock price above the proposed buyout agreement suggests that investors are predicting a bidding war.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.78
|
|
DOWN
26.41 |
DOWN
2.99 |
DOWN
10.02 |
DOWN
0.44 |
10 Yr
1.58%
SPDR Gold
151.62
|
|
-0.21%
|
-0.23%
|
-0.35%
|
-2.71%
|
Data delayed 20 minutes |
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