BRAMPTON, Ont. — A special panel concluded last week that Chairman Richard Baker’s $1.74 billion bid to take Hudson’s Bay Co. private was inadequate. Baker and a consortium of shareholders controlling a total of 57% of HBC, offered $9.45 per share for the remaining stake in June. The sum represented a premium on the stock’s value at the time, but since the announcement its value has shot up to more than $9.75. Activist shareholder Jonathan Litt has panned the offer as “woefully inadequate”, arguing it reflects only about half of the retailer’s value. The bid by baker’s group now has competition from private equity firm Catalyst Capital Group, which offered in July to buy a stake worth nearly $150 million and to oppose moves to take HBC private. The committee declined to take a position on Catalyst’s offer, which amounts to $10.11 per share.
Panel recommends against HBC chairman’s bid
Most Recent
Most Read
RONA affiliate expands in New Brunswick
Fri, December 20th, 2024
Caring for workers guides IKEA's HR strategy
Fri, December 20th, 2024
Two-thirds of small businesses have no succession plan: report
Thu, December 19th, 2024
Throwback Thursday: 25 years ago, we interviewed Annette Verschuren
Thu, December 19th, 2024
Featured Classified: Kidde
Thu, December 19th, 2024
Construction spending declines in October
Wed, December 18th, 2024
U.S. housing starts down as permits rise
Wed, December 18th, 2024
New podcast features Jeld-Wen’s Lisa Bergeron
Wed, December 18th, 2024
HR Advisor explores internal promotions, recruitment through storytelling
Tue, December 17th, 2024
U.S. retail sales rise in November
Tue, December 17th, 2024