Sears Makes Hostile Bid for Rest of Maxserv

Sears, Roebuck & Co. launched its first hostile takeover bid, a week after talks to buy the rest of its majority-owned Maxserv Inc. customer service support operation broke down. The nation’s second-largest retailer launched a tender offer of $7 a share for the 35.6% of Maxserv it does not already own, which values the proposed transaction at about $27 million. Sears said it would not raise the offer, but analysts said it might have to if it wants to secure the rest of the company without a long fight. The Chicago-based retailer withdrew a friendly $7-a-share offer Jan. 27 after a special committee of Maxserv’s board rejected it. Sears accounts for about 90% of the Austin, Texas-based company’s business. Maxserv’s stock rose 12.5 cents to close at $7.125 on Nasdaq. Sears shares rose $1.375 to close at $48.875 on the NYSE.