SAN FRANCISCO (Thomson Financial) - Sears Holdings Corp. late Monday disclosed it has taken a 13.7% equity stake in Restoration Hardware Inc., a Corte Madera, Calif.-based home furnishings retailer.
In a filing with the Securities and Exchange Commission, Sears said it acquired 5.31 million shares for about $30.2 million in cash.
Sears said it's seeking to obtain certain non-public information concerning Restoration Hardware, and indicated it would enter into a confidentiality agreement in order to do so. Sears said it intends to evaluate the company and 'the desirability of proposing an acquisition,' according to the filing.
Sears shares closed the regular session down $6.77, or about 5.6%, at $114.20. Restoration Hardware's stock finished regular trading down 17 cents, or about 2.6%, at $6.33. The company's shares rose as much as 18% in after-hours trading. Katherine Hunt kh/gm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.