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Post Whore Joined: 19 May 2004 Posts: 1124 Location: Philly	Posted: Wed Nov 17, 2004 10:20 am    Post subject: Kmart, Sears Merge To Create Nation's 3rd Largest Retailer   http://www.nbc10.com/money/3924891/detail.html POSTED: 6:43 am EST November 17, 2004 UPDATED: 7:47 am EST November 17, 2004 CHICAGO -- Kmart and Sears, Roebuck have agreed to merge in a deal that will create the nation's third largest retailer. The new company, named Sears Holdings Corp., will have more than 2,200 full-line and off-mall stores, and 1,100 specialty retail stores with approximately $55 billion in annual revenue. The Sears and Kmart businesses will continue to operate separately under their respective brand names. The agreement was approved unanimously by both firms' boards. Under the terms, Kmart shareholders will receive one share of new Sears Holdings common stock for each Kmart share. Sears shareholders will have the right to choose $50 cash or a-half share of Sears Holdings -- valued at $50.61 -- for each Sears share. The current value of the transaction to Sears shareholders is approximately $11 billion.
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