Sears Holdings Corporation (SHLD) today announced that the Company’s board of directors has approved a rights offering of up to 40,000,000 common shares of Sears Canada (TSX: SCC).
“In connection with the rights offering, Holdings anticipates that each holder of Holdings’ common stock will receive one subscription right for each share of common stock held at the close of business on October 20, 2014, the record date for the rights offering. Each subscription right will entitle the holder thereof to purchase their pro rata portion of the Sears Canada common shares being sold by Holdings in the rights offering at a cash subscription price of C$10.60 per whole Sears Canada share“. Source: Filing
