Workers on automated systems at the Hudson’s Bay Company distribution centre in Toronto, Ontario, Canada May 29, 2017. — Reuters pic
JUNE 10 — A group of shareholders, including Hudson’s Bay Co’s Executive Chairman Richard Baker, today offered to take the Canadian retailer private in a C$1.74 billion cash deal.
Hudson’s Bay, which owns Saks Fifth Avenue and Lord & Taylor, said it has formed a special committee of independent directors to review the proposal.
The shareholders said it owns about 57 per cent of the company.
Under the proposed deal, Hudson’s Bay shareholders will receive C$9.45 per share, representing a premium of 48 per cent to the stock’s closing price on Friday.
“While we continue to believe in HBC’s long-term potential, it has become clear that the significant challenges, risks and uncertainties facing HBC in the rapidly evolving retail environment are best addressed in a private market setting,” Baker said.
Separately, the company said that it would sell its stake in its real estate joint venture in Germany to Signa Retail Holdings in a deal valued at C$1.5 billion. — Reuters