Connecticut-based hedge fund ESL Investments has presented a revised roughly $5 billion takeover bid for retail holding company Sears Holdings Corp.
Sears Holdings, through its unit, ESL Investments Inc affiliate, introduced the revised offer with a $120 million investment.
The new offer will assume up to $350 million in additional Sears expenses, severance benefits for employees and other liabilities as well as preserving up to 50,000 jobs.
The previous offer, valued at $4.4 billion, had proposed acquiring 425 Sears stores.