Hudson’s Bay Company agrees to sweetened takeover bid by Baker group – National


Smaller font
Descrease article font size


Larger font
Increase article font size


The board of Hudson’s Bay Co. has agreed to a sweetened offer by a shareholder group led by executive chairman Richard Baker.

The retailer says the group has agreed to pay $10.30 per share in cash to take HBC private. The bid is up from an earlier offer of $9.45 per share.


Hudson’s Bay Company to sell Lord and Taylor to Le Tote for nearly $100M

The agreement values HBC at about $1.9 billion.

HBC says the price offered represents a premium of 62 per cent compared with where its shares were trading before the shareholder group’s initial privatization proposal in the summer.

5:05Should companies be penalized for data breaches?

Should companies be penalized for data breaches?

The Baker-led group holds a 57 per cent stake in the retailer and includes Rhone Capital, WeWork Property Advisors, Hanover Investments (Luxembourg) and Abrams Capital Management.

Story continues below advertisement

Hudson’s Bay to shutter last 2 Zellers stores in Toronto, Ottawa

The deal is subject to the approval by a majority of the minority of HBC shareholders, excluding the shareholder group and its affiliates, and approval by a 75 per cent majority vote at a special meeting of shareholders.

© 2019 The Canadian Press

A fresh new look for Global News is here, tell us what you think

Take a Survey

Source link


Leave a Reply

Borderlands 3 Bloody Harvest Event trailer is full of skulls and loot

Boris Johnson denied chance to have key Brexit vote on Monday