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
Steffan Yantzi joins Home Hardware stores as shareholder
Mon, April 29th, 2024
Looking for your next new hire? Hardlines Classifieds can help
Mon, April 29th, 2024
RONA adds six new affiliate dealers
Fri, April 26th, 2024
King Marketing gathers national team, celebrates achievements of its reps
Fri, April 26th, 2024
Aaron Jarosz promoted to lead Home Depot Canada's pro services
Thu, April 25th, 2024
New owners for Canadian Tire store in Innisfil, Ont.
Thu, April 25th, 2024
United Hardware merges with Do it Best
Thu, April 25th, 2024
Throwback Thursday: Ten years ago, Home Depot Canada started using stores as online showrooms
Thu, April 25th, 2024
CEO shares plans for Home Hardware’s 60th anniversary
Wed, April 24th, 2024
West Fraser posts Q1 financials
Wed, April 24th, 2024