NEW YORK (AP) – Sears Holdings Corp. is considering a tender offer to buy Restoration Hardware Inc. for $6.75 per share but said it is prohibited by the company's refusal to provide confidential information, according to a regulatory filing Monday.
Sears' offer for the company would compete with Restoration Hardware's previous agreement to be acquired by private-equity firm Catterton Partners for $267 million, or $6.70 per share.
Restoration Hardware on Sunday told Sears it is unwilling to sign the confidentiality agreement, according to the Securities and Exchange Commission filing.
In a letter to Restoration Hardware's special committee dated Friday, Sears said it has made “numerous requests” to receive confidential information to determine whether to submit a binding proposal for the company.
In its letter, Sears said Restoration Hardware did not provide the company with guidance or information that would have enabled Sears to submit a superior proposal in advance of the Catterton agreement.
On Nov. 19, Sears purchased a 13.7 percent stake in Restoration Hardware and said it is considering a takeover of the specialty home furnishings retailer.
Restoration Hardware shares dipped 6 cents to $7 in premarket trading, after closing Friday at $7.06. Sears shares gained 1cent to $112.59 in premarket trading.