HBC committee calls $1.74 bln privatization proposal 'inadequte'
A special committee of the board of Hudson’s Bay Co (TSX: HBC) said the proposed $1.74 billion take-private acquisition of the Canadian retailer is "inadequate" based on an initial analysis. The proposal, announced in June, came from a group of shareholders led by Executive Chairman Richard Baker. The group owns a combined 57 percent stake in Hudson's Bay. The committee also said it is not yet able to make a recommendation on an offer by Catalyst Capital Group to buy up to $150 million worth of Hudson's Bay's shares. It advised shareholders to "exercise caution". The offer by the Canadian private equity firm, announced this month, was made to oppose the Baker-led privatization initiative.
2 August 2019•5 mins read
