Retail giant Sears Roebuck said today it has agreed to acquire catalogue and Internet merchant Lands' End in a cash offer worth approximately $1.9 billion.
On Friday, Lands' End shares closed at $51.02, with Sears' offer representing a premium of around 21 per cent.
Lands' End, which is the largest specialty clothing catalogue company and seller of apparel on the Internet in the United States, had net income of $66.9 million on sales of around $1.6 billion.
AFP
