UPDATE 1-Sears says may still eye Restoration Hardware deal
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NEW YORK, Jan 28 (Reuters) - Sears Holdings Corp (SHLD.O) said on Monday it may still be interested in a transaction with Restoration Hardware Inc RSTO.O, even though the high-end home goods chain has already accepted a management-led buyout.
According to a regulatory filing, Sears is reviewing the amended terms of the management-led buyout in order to understand the implications for any future deal it might contemplate.
Sears owns a 13.63 percent stake in Restoration Hardware and in November offered $6.75 a share for the company.
Last week Restoration Hardware said it accepted a deal for $4.50 a share, or about $175 million, based on roughly 39 million shares outstanding as of Nov. 28. That is nearly 33 percent lower than the $6.70 per share it agreed to in November for the buyout.
The revised agreement reflects ongoing pressure in the home-goods retail sector and follows a string of merger agreements that have collapsed or been re-priced amid fluctuating stock market conditions and tight credit markets. (Reporting by Martinne Geller; Additional reporting by Jessica Hall in Philadelphia; editing by Gerald E. McCormick and Steve Orlofsky)
