REPORT: Sears chairman submits new roughly $5B bid to save company

BY TEAM DML / JANUARY 9, 2019 /

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As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by REUTERS.COM:

NEW YORK (Reuters) – Sears Holdings Corp Chairman Eddie Lampert submitted a revised roughly $5 billion takeover bid for the company on Wednesday, people familiar with the matter said, boosting the chances that the U.S. department store operator will escape liquidation.

In a concession, Lampert agreed to assume tax and vendor bills Sears has incurred since filing for bankruptcy protection in October, the sources said. The billionaire’s revised bid was submitted through an affiliate of his hedge fund, ESL Investments Inc, on Wednesday afternoon along with a $120 million deposit, the sources added.

The article goes on to state the following:

Lampert’s previous bid, which Sears had rejected, was valued at $4.4 billion.

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