Restoration Hardware to Provide Information to Sears
Corte Madera, Calif., In ongoing news on the proposed purchase of Restoration Hardware by Sears Holdings Corp., the home furnishing chain said Tuesday it will agree to provide Sears Holdings Corp. the confidential information it requested, if Sears agrees to execute a customary confidentiality and standstill agreement on terms similar to those other parties have agreed to.
The proposal follows Monday’s announcement by Hoffman Estates, Ill.-based Sears that it was prepared to offer $6.75 a share in cash for the Restoration Hardware if it got access to information that would help it decide whether to submit a binding proposal to acquire the company.
Sears makes offer for Restoration Hardware
HOFFMAN ESTATES, Ill. Sears Holdings reported in an SEC filing today that it had sent a letter to the special committee of the board of directors of Restoration Hardware, in which it proposed a tender offer to purchase the company’s shares for $6.75 per share, and that it would contemplate entering into a merger agreement. In the letter, Sears also sought to enter into a confidentiality agreement with Restoration Hardware.
According to Sears Holdings, after sending the Nov. 23 letter, its representatives, along with representatives from Restoration Hardware met to discuss Sears’ proposal. On Nov. 25, 2007, the special committee of Restoration Hardware informed Sears Holdings that it was unwilling to enter into a confidentiality agreement providing for the superior tender offer exception sought by Sears Holdings.
N.J. could be first state to ban plastic bags
TRENTON, N.J. New Jersey Assemblymen Herb Conaway, M.D., and Jack Conners introduced a bill this week that calls for the removal of plastic bags from New Jersey retailers over the next three years. The bill also seeks to create legislation that will limit the use of non-biodegradable plastic shopping bags through mandatory instore recycling programs for retail outlets with a minimum 10,000 square feet of space.
The bill, entitled the “Plastic Bag Recycling Act,” would make New Jersey the first state in the country to eventually ban plastic grocery bags, according to the assemblymen.
“We need to get these bags out of the waste stream because they are polluting our soil and our water,” said Conaway (D-Burlington, Camden). “Plastic bags may be cheap and convenient, but they have costly longterm environmental consequences that just can’t be ignored.”
Under the measure, retail stores would need to reduce their use of plastic bags by 50% by Dec. 31, 2009 and eliminate their use entirely by Dec. 31, 2010.
In March, San Francisco became the first city in the U.S. to pass a law banning the use of plastic bags from large supermarkets. In July, the state of California enacted a law that requires large stores to take back plastic bags and encourage their reuse. The New York City Council also has introduced legislation calling for the recycling of plastic bags.