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Money HBC board agrees to sweetened privatization bid by Baker-led shareholder group

17:00  21 october  2019
17:00  21 october  2019 Source:   msn.com

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more difficult for the Baker - led group .Baker said in a letter to shareholders at the beginning of the month that Catalyst's "coercive partial bid is common shares held by the minority shareholders ," it said.Catalyst has said that it will vote any shares it acquires against the privatization bid .

The board of Hudson’s Bay Co. said it entered into an agreement with investors led by Chairman Richard Baker after the group raised its offer price to C “The special committee is confident that this transaction represents the best path forward for HBC and the minority shareholders ,” David Leith

a close up of a sign© Provided by Canadian Press Enterprises Inc

TORONTO — 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.

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.

This report by The Canadian Press was first published Oct. 21, 2019.

Companies in this story: (TSX:HBC)

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