Ontario Securities Commission Sets Hearing with Sears Holdings

May 21, 2006  by in UnCategorized   

By Home Furnishings Business in Furniture Retailing on May 2006 At the request of three capital management firms, the Ontario Securities Commission has set a July 5 hearing to address matters relating Sears Holdings Corp.’s offer for shares of Sears Canada.

Hawkeye Capital Management, Knott Partners Management and Pershing Square Capital Management—minority investors in Sears Canada—joined together to request the hearing. The companies together own about 7.7 percent of Sears Canada’s outstanding shares and are opposed to Sears Holdings’ efforts to acquire the Canadian retailer.

“We welcome the OSC review of the various inaccurate and self-serving accusations made by a group of US speculators and arbitrageurs who have attempted to obstruct the will of the majority of the minority shareholders of Sears Canada,” said Alan Lacy, Sears Holdings vice chairman. “We also look forward to the OSC considering as part of the hearing the actions of these investors that we have brought to the attention of the OSC.”

Lacy also said the company expects a quick resolution and confirmation that Sears Holdings has successfully satisfied all conditions needed to complete its acquisition.