Jun. 17, 2013, 3:47 PMShares of Orchard Supply (OSH +12.7%) are higher today after announcing earlier it would voluntarily file for bankruptcy in an effort to sell itself to Lowe's (LOW). The stock initially soared over 90% on news that the deal would be worth around $205M, or approximately $34.17 per share, a massive premium to Friday's close of $1.88. However, details in the press release showed the numbers are a little more convoluted than previously thought. LOW will assume the debt owed to nearly all of OSH's supplier partners, which means the actual per share value of the deal is contingent on how much debt gets wiped out in bankruptcy court. | Comment!
Orchard Supply Hardware Stores Corporation operates neighborhood hardware and garden stores focused on paint, repair and the backyard. The Company was founded as a purchasing cooperative in San Jose in 1931. Today the stores average 36,000 square feet of enclosed retail space and 8,000 square... More
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