LYCOS RETRIEVER 
Hardware: Restoration Hardware
built 642 days ago
Under the terms of the merger agreement, all of the outstanding shares of Restoration Hardware, other than those exchanged by the participating stockholders, will be acquired for a price per share equal to $6.70 in cash. The $6.70 per share cash consideration represents a 150% premium to the closing price of Restoration Hardware common stock on November 7, 2007, the last trading day prior to the announcement of the merger agreement. The total equity value of the transaction is approximately $267 million.
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The amended merger agreement was negotiated on behalf of Restoration Hardware by a committee of the Board of Directors composed entirely of independent directors, with the assistance of independent financial and legal advisors. The Board of Directors of Restoration Hardware, on the unanimous recommendation of the independent committee, has approved the amended merger agreement and recommends that Restoration Hardware's stockholders adopt the amended merger agreement.
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In its filing, Sears Holdings said that it had made an offer of $4 a share for Restoration Hardware in October but the bid was rejected. On Nov. 8, Restoration Hardware announced its deal with Catterton Partners for $6.70 a share.
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Additionally, in connection with the execution of the amendment, Catterton Partners, through its affiliates, has provided a $25 million subordinated loan to Restoration Hardware for working capital purposes. This loan is not contingent on the closing of the acquisition and has been funded.
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