Sears spread widen on takeover talk



Kmart Holding Corporation’s announcement of its intention to buy Sears, Roebuck & Company for $10.85 billion in mid-November gave Sears shareholders many reasons to celebrate as the stock price rose 17% to $52.99. But while rising stock prices had shareholders celebrating an early Christmas, weakened credit ratings had bondholders crying, “Bah, humbug!”

On November 17, Kmart announced its plan to purchase Sears and rating agencies were quick

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