HBC chair rallies support for takeover bid

TORONTO ― Hudson’s Bay Co. Chairman Richard Baker has warned minority shareholders that his $1.1 billion bid to take the company private is their best bet, as shares fell this week to a five-month low. Shareholders vote on the $10.30-per-share bid on December 17. Baker has secured the backing of the board of directors and shareholders controlling about 57% of the company’s equity. Outspoken dissidents, however, include Catalyst Capital Group and Sandpiper Group. ”Richard Baker’s real estate monetization and value optimization strategy that he is now pursuing for his and his supporters’ benefit should be executed upon under his and the board’s leadership for the benefit of all owners of HBC,” said Sandpiper in a statement.