Sears Hometown and Outlet Stores (NASDAQ:SHOS) gets a proposal from an entity affiliated with its majority stockholder and Eddie Lampert vehicle ESL investment to buy the rest of SHOS shares it doesn't already own for $2.25 per share.
SHOS closed Friday trading at $1.90.
A special committee of independent directors, after a review, concluded that a transaction on the terms contemplated by the proposals wouldn't be in the best interests of the company's unaffiliated stockholders.
The entity, Transform Holdco, says it only intends to proceed with the proposal if it's approved by SHOS's full board of directors upon the recommendation of the special committee.
The parties are continuing talks regarding potential transactions.
Previously: Comp down 8.5% for Sears Hometown and Outlet (March 29)
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