Home furnishings and gift retailer Restoration Hardware Inc. spurned Sears Holdings Corp.'s $4.55-a-share offer for the company, saying it was not superior to Catterton Partners' offer of $4.50 a share.
Department store retailer Sears had submitted its offer Thursday, the last day of a 35-day period for Restoration to solicit competing offers.
Sears made a $6.75-a-share offer in November for Restoration, based in Corte Madera, Calif., but later withdrew it as Restoration's shares fell.
Shares of Restoration rose 3 cents to $4.33 on Friday. Sears shares fell $5.78 to $95.62.