FILE - In this Feb. 20, 2019, file photo a mannequin wears a red dress inside the Saks Fifth Avenue’s flagship midtown Manhattan store in New York. A group of shareholders of Saks Fifth Avenue’s parent is making an offer to take the struggling department store chain private. The offer was announced Monday, June 10. (AP Photo/Kathy Willens, File)

Hudson’s Bay executive leads bid to take retailer private

Hudson’s Bay has struggled to adapt to a changing retail landscape

A group of shareholders of Saks Fifth Avenue’s parent is making an offer to take the struggling department store chain private.

The offer, announced Monday, is being led by Hudson’s Bay Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors, Hanover Investment SA and Abrams Capital Management. The proposal values the company at 9.45 Canadian dollars ($7.12) per share in cash. That’s a 48% premium to the company’s closing share price on the Toronto Stock Exchange on Friday.

The group of shareholders together own 57% of the Canadian company.

The offer is conditioned in part on the $1.5 billion sale announced Monday of Hudson’s remaining half of its interest in its European business.

Like many department stores, Hudson’s Bay has struggled to adapt to a changing retail landscape.

ALSO READ: HBC shuttering Home Outfitters across Canada

ALSO READ: Hudson’s Bay Co. says Saks Fifth Avenue stores affected by data breach

Anne D’Innocenzio, The Associated Press


Like us on Facebook and follow us on Twitter.

Just Posted

Make a donation, get a free coffee at Vernon café

Bean to Cup is accepting donated items as part of Project Christmas Elf

WATCH: North Okanagan Knights score teddies for children in OT loss to Osoyoos

Russel Borrett’s early goal triggered the Teddy Bear Toss at Nor-Val Arena Friday night

Vernon Baseball to field high-level teams in spring 2020

Registration for the U18 Triple-A and U13 Double-A teams opens Monday

Vernon candle lighting to show compassion for lost children

The Compassionate Friends Worldwide Candle Lighting takes place Sunday, Dec. 8

Vernon Vipers go on scoring spree versus Merritt Centennials

Matt Kowalski had a hat trick and five points as the Vipers cruised to an 8-3 victory

VIDEO: Boys help rescue Cariboo bear cub

The cub, weighing just 24lbs, has been taken to wildlife sanctuary in Northwest B.C. for the winter

Campbell River mom’s iPhone containing priceless photos stolen from Victoria hospital parkade

The phone contained photos, heartbeat recordings of her late son

Miller nets winner as Canucks edge Sabres 6-5 in OT

Roussel, Leivo tally two apiece for Vancouver

‘Norovirus-like’ outbreak interrupts Bantam hockey showcase in Greater Victoria

Several athletes were sent home, quarantined on the ferry

South Okanagan volunteer dental clinic donates rotten teeth to good cause

H.E.C.K. recently gifted 47 rotten teeth to a search and rescue group in the area

$578: that’s how much your first distracted driving ticket will cost with recent premium hikes

Over 50 per cent of Canadians admitted to using phone while driving last year, according to study

Healing with honesty: Justice served 40 years later

Revelstoke senior gets house arrest for sexually assaulting stepdaughter

WorkSafe BC to investigate explosion at Princeton facility

Explosion at Envirogreen waste reclamation plant occurred Nov. 27

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Most Read