Go-shop period ends for Restoration Hardware; company plans to complete merger with Catterton

By Lisa Kerner

Charlotte, N.C., Feb. 29 - Restoration Hardware, Inc.'s go-shop period ended on Feb. 28 under its plan of merger with certain affiliates of Catterton Partners.

No party qualified as an excluded party, an independent committee unanimously determined.

Sears Holdings Corp.'s proposal, submitted on the final day, was not reasonably likely to result in a superior proposal, the company said, citing "significant uncertainties compared to the agreement and plan of merger."

Restoration is Hardware is continuing to work with Catterton Partners to complete the merger in a timely manner, according to a company news release.

In January, affiliates of Catterton amended their agreement with Restoration Hardware, lowering the per-share offer price to $4.50 in cash from $6.70.

Sears proposed acquiring the company for $6.75 per share, up from is prior proposal of $4.00 per share.

Restoration Hardware said it attempted to provide information to Sears, but the companies could not come to an agreement on terms.

It was previously reported that Sears has a 13.67% ownership interest in the Corte Madera, Calif.-based specialty retailer.

Sears Holdings operates as a broad-line retailer through three segments: Kmart, Sears Domestic and Sears Canada. The company is based in Hoffman Estates, Ill.

Catterton Partners is a private equity firm based in Greenwich, Conn.

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