Sears Holdings will appeal ruling on Canadian buyout
Last Updated: Wednesday, September 27, 2006 | 4:13 PM ET
CBC News
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Illinois-based Sears Holdings Corp. said Wednesday it plans to appeal a court decision last week that stalled its attempt to take its Canadian subsidiary, Sears Canada, private.
On Sept. 19, an Ontario court upheld an August ruling by the Ontario Securities Commission that the U.S. retailing giant failed to disclose information related to support agreements struck with Scotiabank, its investment banking division, Scotia Capital Inc., and Royal Bank.
The side agreements gave the banks, which own of 7.6 million shares of Sears Canada, a better deal than was offered to other minority shareholders.
The OSC ordered Sears Holdings to distribute another circular that excluded the banks from voting on the buyout offer.
Sears Holdings said it will seek leave to appeal the Divisional Court panel decision to the Ontario Court of Appeal.
Sears Holdings is the parent of Kmart and Sears, Roebuck and Co.
Shares of Sears Canada were off 65 cents at $20.30 on the TSX on Wednesday.
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