U.S. parent firm claims success in Sears Canada takeover

The U.S. parent company of Sears Canada claimed victory on Thursday in its bid to take the subsidiary private.

Sears Holdings Corp. (NASDAQ:SHLD) of Hoffman Estates, Illinois, said it now has a majority of the common shares of Sears Canada (TSX:SCC) it did not own prior to launching its takeover bid.

"Accordingly, Sears Holdings and its affiliates will own or have support commitments for sufficient shares to assure the necessary shareholder approval of a going private transaction of Sears Canada at the offer price of $18.00 per share," the company said.

The announcement came just one day after Sears Holdings said $18 per share for Sears Canada was its final offer. The U.S. parent firm boosted its offer to $18 on April 3 from the original bid of $16.86 per share.

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Sears Holdings said it has now extended its takeover bid to August 31.

Shares of Sears Canada closed at $18.50 on Thursday, down 9 cents from its previous close on the TSX.