By Staff The Canadian Press Posted October 21, 2019 10:04 am The board of Hudson’s Bay Co. has agreed to a sweetened offer by a shareholder group led
Finance account money
By Staff The Canadian Press
Posted October 21, 2019 10:04 am
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.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.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
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