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Eddie Lampert makes $4.4B bid for Sears, reveals alternative proposals


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Banking Essentials Newsletter: September Edition

Eddie Lampert makes $4.4B bid for Sears, reveals alternative proposals

Sears Holdings Corp. Chairman Eddie Lampert submitted a $4.4 billion bid to keep the struggling department store chain in business, according to a Jan. 2 SEC filing, confirming earlier reports that Lampert made a last-minute bid to avert liquidation.

Lampert submitted his bid through Transform Holdco LLC, a newly formed affiliate of his hedge fund, ESL Investments Inc.

According to the filing, the $4.4 billion bid includes $850 million in cash to be funded with the proceeds of a new $1.3 billion credit facility. The offer covers 425 Sears stores.

Eddie Lampert’s plan also includes a backup offer, which covers at least 250 Sears stores. This offer will be effective in case the primary offer fails to qualify.

ESL also disclosed its plans to make a bid of approximately $1.8 billion for some of Sears' real estate assets, in case its buyout offer fails.

Sears filed for bankruptcy protection in October.