CORTE MADERA, Calif.–Restoration Hardware has rejected Sears offer for the retailer, saying in a filing with the Securities and Exchange Commission that it is not “superior” to its offer from private-equity firm Catterton Partners.
The news coincides with the expiration of Restoration Hardware’s “go shop” period. During the period, Restoration was allowed to initiate, solicit and encourage alternative proposals until Feb. 28.
“With the expiration of the period, Restoration Hardware is continuing to work with Catterton Partners to complete the merger in a timely manner,” according to a statement.
Last week, Sears upped its offer to buy Restoration Hardware, outbidding the private-equity firm. Sears Holdings sent a letter to the special committee of the Restoration Hardware board of directors with a revised proposal to offer $4.55 per share in cash for the home specialty retailer.
Sears first moved to purchase Restoration Hardware in May.
Catterton Partners has offered to purchase Restoration Hardware for $4.50 per share.
Sears currently owns a 13.6 percent stake in the retailer.