Restoration Hardware - (RSTO) Message Board

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Non-Tech : Restoration Hardware - (RSTO)

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To: Glenn Petersen who wrote (67)	2/29/2008 10:48:38 AM
From: Glenn Petersen	of 76

Sears ups it bid for RSTO: Sears Made New Offer for Restoration Thursday February 28, 6:52 pm ET Sears Makes New Bid for Restoration Hardware at $4.55 Per Share, Boosts Breakup Fee by $5M CHICAGO (AP) -- Sears Holdings Corp. on Thursday made another tentative offer of $4.55 per share for specialty home-furnishings retailer Restoration Hardware Inc. The offer was made in a letter Sears sent Thursday to a committee of the Restoration Hardware board of directors and disclosed in a filing with the Securities and Exchange Commission. The offer mirrors a similar, $6.75-per-share offer Sears made for the Corte Madera, Calif.-based company in November. That offer was subsequently withdrawn after Restoration's shares tumbled and a competing bid from private equity firm Catterton Partners was lowered to $4.50 per share. In its letter, Sears also offers to increase the reverse breakup fee Restoration Hardware has in its agreement with Catterton by $5 million. Sears currently owns a 13.6 percent stake in Restoration Hardware. Restoration's shares closed Thursday down 2 cents to $4.30. biz.yahoo.com

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