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News summary: Lowe's offers to buy hardware stores

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The Associated Press | June 17, 2013 12:38 PM EST | AP


THE NEWS: Lowe's Cos. offered to buy Sears spinoff Orchard Supply Hardware Stores for about $205 million in cash.

DETAILS: Orchard Supply filed a voluntary Chapter 11 bankruptcy petition on Monday, so the offer from Lowe's will become the "stalking horse" bid for an auction of Orchard's assets. Such a bid sets the floor for an auction process that lets competitors make better offers. The companies expect the deal to close in about three months.

CALIFORNIA PRESENCE: The purchase would expand Lowe's presence in California, which has been a strong market for home improvement retailers recently.