HOFFMAN ESTATES, Ill. (March 24, 2005) — Shareholders approved the merger between Sears, Roebuck and Co. and Kmart Holding Corp., paving the way for the $11 billion deal to close today, Sears said.
Hoffman Estates-based Sears said among its shareholders, 88 percent of the votes cast and 69 percent of its total shares outstanding voted in favor of the merger. Among Kmart shareholders, 99.9 percent of the votes cast and 69 percent of the shares outstanding supported the proposal.
The merged company will be called Sears Holdings Corp. Its stock, under the symbol SHLD, will begin trading on March 28.
“The combination of Kmart and Sears will create a leading retailer, and we expect will provide heightened value for our customers, associates and shareholders,” said Edward Lampert, Kmart's chairman. “Sears Holdings will have an enviable stable of proprietary brands, strong points of distribution and enhanced growth opportunities.”