Retailers, consumers and prices
Check Out Line: Ackman out of Sears Canada
Check out Sears Holdings getting a bigger stake of Sears Canada.
Hedge fund manager Bill Ackman (below) is selling his stake in Sears Canada, about 17.3 percent of the company, to Sears Holdings, the U.S. based operator of Sears and Kmart that is controlled by another hedge fund manager, Edward Lampert (right).
If you’re scoring at home, that will give the U.S. Sears a 90.4 percent stake in the Canadian Sears.
Sears is paying C$30 for the shares, or 66 percent more than it was willing to pay in 2006 for all of the Sears Canada shares it did not own.
Patience is its own reward. But cash is nice, too.
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