HOFFMAN ESTATES, Ill. Sears Holdings announced that it has entered into agreements to purchase or cause a wholly-owned subsidiary to purchase a total of 18,660,880 common shares of Sears Canada Inc. at a price of C$30.00 per share from Pershing Square, L.P., Pershing Square II, L.P. and Pershing Square International, Ltd. The acquisition is scheduled to close on April 27.
The common shares to be acquired represent approximately 17.3% of the outstanding shares of Sears Canada. As a result of these agreements, Sears beneficially owns an additional 18,660,880 common shares and now beneficially own 97,341,670 common shares, representing approximately 90.4% of the outstanding shares of Sears Canada. Sears said it considers the purchases an attractive investment.