Restoration Sticking with Catterton
By Staff -- Gifts & Decorative Accessories, 3/3/2008 2:00:00 PM
Corte Madera, CA — Retail chain Restoration Hardware finished its “go-shop” period. During that time, which ended February 28, the company was allowed to initiate, solicit and encourage alternative proposals to its pending merger with affiliates of Catterton Partners. An independent committee of directors unanimously determined that no party qualified as an excluded party under the terms of the Agreement and Plan of Merger.Sears Holdings, which had previously bid for the 102-store chain, did not submit a proposal until the final day. The committee determined that the Sears proposal wasn’t likely to result in a superior proposal because it was subject to significant uncertainties compared to the Agreement and Plan of Merger. Restoration Hardware is continuing to work with Catterton Partners to complete the merger in a timely manner, the company said in a statement.
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