The deal a few years back with Kmart was a merger and not a buyout by KMart.
Welll, not exactly. While true that K-Mart didn't "buy out' Sears, it wasn't exactly a "merger" either. When K-Mart sold off stores and properties to make the company solvent, Sears, along with Home Depot, were the main buyers of the properties. As part of the deal, the majority shareholder of K-Mart also got stock in Sears. So he basically became majority shareholder of both companies.
