Restoration Hardware has rejected a takeover bid by Sears and will be bought out by a private equity firm, Catterton Partners.
The NYT DealBook Blog says:
Restoration spurned Sears’ $4.55 a share offer on Friday, saying it is not superior to the private equity firm’s offer of $4.50 a share. Restoration cited “significant uncertainties” in Sears’ bid as the reason it had decided to go with with the Catterton offer.
Sears submitted its offer on Thursday, the last day of a 35-day period for Restoration to solicit competing offers.
Sears made a $6.75-per-share offer in November, but withdrew the offer after Restoration’s shares tumbled and Catterton cut its competing bid to $4.50 a share.