New York, Restoration Hardware Inc. on Tuesday confirmed that it is aware of Sears Holding Corp.’s interest in the company, according to Market Watch. The retailer has already agreed to be taken private for $6.70 a share.
Restoration Hardware said consistent with its fiduciary duties it is soliciting competing proposals until Dec. 13. In a filing with the Securities and Exchange Commission (SEC), Restoration said although it's common for several parties to enter into confidentiality agreements, it's important to note that there is no assurance any superior proposals will result.
Sears Holding, controlled by billionaire investor Edward Lampert, disclosed in a filing on Monday with the SEC that it intends to evaluate the "desirability" of proposing to acquire Restoration Hardware.
Sears Holding also said it had proposed buying Restoration Hardware before the company agreed on Nov. 8 to be taken private by its chief executive and private-equity firm Catterton Partners.