Monday, October 21, 2019

Saks Fifth Avenue parent Hudson’s Bay to go private

Chain Store Age
Hudson's Bay Company has agreed to be taken private by a group of its shareholders after they upped their offer.

The group is headed up by Richard Baker, executive chairman of the Canadian department store company, and also includes Rhone Capital LLC, WeWork Property Advisors, Hanover Investments and Abrams Capital Management. The investors, who together own 57% of Hudson’s Bay, have agreed to pay C$10.30 ($7.84) a share in cash for shares outstanding. The offer represents an increase of 9% over the group’s initial proposal in June of $9.45 per share, which a special panel of Hudson’s Bay had deemed “inadequate.”. . . more