You are here: Home » International » News » Companies
Business Standard

Lampert submits new $5-bn takeover bid to save Sears Holdings: Sources

Chairman Eddie Lampert's previous bid, which Sears had rejected, was valued at $4.4 billion

Reuters  |  New York 

Sears Holdings Corp Chairman Eddie Lampert submitted a revised roughly $5 billion takeover bid for the company on Wednesday, people familiar with the matter said, boosting the chances that the US department store operator will escape liquidation. In a concession, Lampert agreed to assume tax and vendor bills Sears has incurred since filing for bankruptcy protection in October, the sources said. The billionaire's revised bid was submitted through an affiliate of his hedge fund, ESL Investments Inc, on Wednesday afternoon along with a $120 million deposit, the sources ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, January 10 2019. 06:28 IST