Shareholder group makes bid to take Hudsons Bay Co private

first_imgTORONTO – A group of Hudson’s Bay Company shareholders, including executive chairman Richard Baker, is proposing to take the retailer private.The group, which holds a 57 per cent stake in the company, is offering $9.45 per share in cash for the company.HBC shares closed at $6.37 on the Toronto Stock Exchange on Friday.Privatization bid for the HBC offering $9.45 per share (closed Friday at $6.37). Will also include sale of European holdings worth $1.5 billion.— mike eppel (@eppman) June 10, 2019In addition to Baker, the shareholder group includes Rhone Capital LLC, WeWork Property Advisors, Hanover Investments (Luxembourg) SA and Abrams Capital Management LP.The group said the privatization is conditional on an agreement HBC announced today to sell its remaining stake in its German real estate joint venture and divest its related retail joint venture for $1.5 billion.HBC said its board has formed a special committee of independent directors to review the proposal.last_img read more

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