said it plans to buy catalog and Internet retailer
for $1.9 billion in cash, or $62 a share. That price would represent a 22% premium to Friday's closing price of $51 for Lands' End stock.
The deal is expected to close in June. Sears says it will be slightly dilutive or break-even to earnings in 2002 and 2003 and "significantly" accretive in 2004.