William Ackman’s Pershing Square Capital Management will sell its stake in Sears Canada Inc. to Sears Holdings Corp. for almost $560 million
The companies said separately Friday that Pershing Square had agreed to offload all of its roughly 18.7 million shares of Sears Canada common stock, representing more than 17 percent or shares outstanding, for $30 a share in Canadian dollars. The purchase price totals about $556.6 million at current exchange.
The companies said they expect the deal to close on Tuesday, April 27. The sale boosts Sears Holdings stake in its Canadian unit to 90.4 percent.
For complete coverage, see Monday’s WWD.
Ackman Sells Sears Canada Stake to Sears Holdings
Investor’s Pershing Square holds more than 17 percent of common stock.