Sears Chairman Eddie Lampert Boosts Bid to Over $5 Billion




  • In Tech
  • 2019-01-10 14:38:36Z
  • By Bloomberg
 

(Bloomberg) -- (Updates to include further bid conditions)

Sears Chairman Eddie Lampert submitted a revised takeover bid in excess of $5 billion for the company, a boost from the previous $4.4 billion proposal, according to a regulatory filing.ESL's revised proposal maintains conditions from its previous offer, including the requirement that a $175 million secured real estate loan be funded at closing and ESL providing half of the real estate secured loan, with other lenders providing the balanceNew bid includes the assumption of additional liabilities by over $600 million, which includes:Up to $166 million of payment obligations on goods which Sears ordered and has not yet taken delivery and title prior to closingUp to $139 million of 503(b)(9) administrative priority claimsUp to $43 million of additional severance costs to be incurred by the DebtorsEstimated up to $180 million of cure costs related to contracts to be assumed by ESL's Transform HoldcoUp to $135 million of property taxes which ESL's Transform Holdco will acquire Revised bid also includes acquisition of additional assets that were previously proposed to be left with Sears' estate Cyrus Capital Partners commits to a new asset-based credit facility related to the rollover commitment, a new secured real estate loan, and certain reporting persons have committed to providing equityRevised bid will terminate 5pm ET on Jan. 13

To contact the reporters on this story: Yueqi Yang in New York at yyang492@bloomberg.net;Nick Lichtenberg in New York at nlichtenberg@bloomberg.net

To contact the editor responsible for this story: Chakradhar Adusumilli at cadusumilli@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

COMMENTS

More Related News

Hong Kong Protesters Who Stormed Legco Seek Asylum in Taiwan, Apple Daily Says
Hong Kong Protesters Who Stormed Legco Seek Asylum in Taiwan, Apple Daily Says

(Bloomberg) -- Dozens of Hong Kong protesters involved in the ransacking of the city's Legislative Council this month have arrived in Taiwan to seek asylum, the Apple Daily newspaper reported.About 30 protesters have already landed in Taiwan, while as many as 30 others -- and possibly more -- are planning to try soon, the Hong Kong newspaper said, citing unidentified people who assisted them.The fleeing activists were part of the group that smashed into the legislature on July 1, the paper said. The people who assisted the protesters told the paper they had been in contact with Taiwan's Mainland Affairs Council, which handles the island's relations with Beijing, to seek help.The council...

SAP Tumbles as Cloud Growth Slows, Push for Profitability Stalls
SAP Tumbles as Cloud Growth Slows, Push for Profitability Stalls

The decrease in growth in new cloud bookings, a keenly watched metric because it indicates future revenue, underscores the difficult transition to internet-based software as Chief Executive Officer Bill McDermott challenges rivals such as Salesforce.com Inc. and Oracle Corp. Cloud sales can initially be less profitable than traditional on-premise installations, and while the company has pledged to increase its non-IFRS operating margin by 1 percentage point a year on average through 2023, profitability was flat in the second quarter. SAP's second-quarter performance was "underwhelming," Citi analyst Walter H. Pritchard said in a note to clients, citing "light" cloud bookings and...

Apple Chip Supplier
Apple Chip Supplier's Solid Performance Shows Resilience in Trade Fight

(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. projected current-quarter revenue ahead of estimates, as the Apple Inc. supplier shrugs off a smartphone slump and U.S. sanctions on Huawei Technologies Co. to ride demand for cutting-edge chips.The world's largest contract chipmaker expects sales

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Tech

facebook
Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.