Sears, Roebuck and Co. has completed its cash tender offer, at $62 per share, for all of the issued and outstanding shares of common stock of Lands’ End Inc.
The offer expired at midnight June 14. The shares represent approximately 98% of Lands’ Ends’ outstanding shares. Approximately 667,000 Lands’ Ends’ shares are still outstanding and are expected to be acquired by Sears through a merger, according to news reports. That deal is expected to close by June 20.
In May, Hoffman Estates, IL-base Sears agreed to buy Land’s End, Dodgeville, WI, for about $1.9 billion. The deal combined Lands’ End, the largest specialty catalog and Internet retailer, with Sears, a retailer in the process of overhauling its clothing unit.
Sears plans to introduce some Lands’ End products in to many of its 870 department stores by this fall and is expected to roll out the complete line by 2003.
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