NEW YORK: Sears Holdings Corp chairman Eddie Lampert submitted a revised roughly US$5bil takeover bid for the company on Wednesday, people familiar with the matter said, boosting the chances that the US department store operator will escape liquidation.
In a concession, Lampert agreed to assume tax and vendor bills Sears has incurred since filing for bankruptcy protection in October, the sources said. The billionaire’s revised bid was submitted through an affiliate of his hedge fund, ESL Investments Inc, on Wednesday afternoon along with a US$120mil deposit, the sources added.