Eddie Lampert makes new offer for Sears worth more than $5 billion
ESL Investments Inc., the hedge fund owned by Sear's Holdings Corp.'s main shareholder and former CEO Eddie Lampert, said Thursday a newly-formed unit called Transform Holdco LLC, is making a new offer to buy the remaining assets of the bankrupt retailer. Transform Holdco is offering to buy all of the retail and other assets of the company that are expected to remain a going concern in a deal that includes the assumption of additional liabilities that may raise the price by more than $600 million, the company said in a regulatory filing. The deal would include about 57 additional real estate properties, and would offer creditors more than $5 billion in aggregate. Lampert's previous $4.4 billion bid to buy hundreds of Sears' top-performing stores had fallen short. As part of the new offer, Transform Holdco has deposited $120 million in cash into an escrow account. "As always, we remain enthusiastic about the continuation of Sears as a going concern and its future potential," Lampert said in the filing. Sears shares jumped 24% in early trade to 49 cents. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.