It’s official. Retailer Sears, Roebuck and Co. has completed its cash tender offer for all of the outstanding shares of common stock of Dodgeville, WI-based cataloger Lands’ End for $62 a share.
According to Mellon Investor Services, which acted as a depositary for the offer, 29,360,656 shares of Lands’ End common stock were tendered and not withdrawn prior to the expiration of the offer. Sears, through its wholly owned subsidiary Inlet Acquisition Corp., has accepted all of these shares for payment. These shares represent approximately 98% of Lands’ Ends’ outstanding shares. Approximately 667,000 Lands’ Ends’ shares are still outstanding.
Hoffman Estates, IL-based Sears will acquire the remaining shares of Lands’ End through a merger in which each share of Lands’ End common stock will be converted into the right to receive $62 in cash, subject to dissenters’ rights. Sears expects the merger to be completed by June 20.
“With today’s closing, our team now is ready to begin working diligently to expand Lands’ End distribution and offer our customers a compelling assortment of Lands’ End products through multiple channels including online, Sears stores, and catalogs,” Sears chairman/CEO Alan J. Lacy said in a statement. “Starting today, a link from Sears.com to Landsend.com will provide cross-shopping opportunities for Sears and Lands’ End customers.”