Sears Lowers Bid For Restoration Hardware...

Late Thursday Sears (SHLD) revised its buyout bid for Restoration Hardware (RSTO) $4.55/share from a previous $6.75, and offered reverse break-up fee that is $5M greater than the break-up fee Restoration set in its negotiations with private-equity firm Catterton Partners. Sears offered $6.75/share in December after Restoration agreed to be acquired by Catterton for $6.70/share in November. Catterton later dropped its bid to $4.50/share. Sears apparently likes to one-up Catterton by increments of 5.