Signa sends HBC details of financing for Kaufhof bid: Reuters
Signa Holding GmbH, the Austrian property and retail group that owns German department store operator Karstadt, sent Hudson’s Bay Co this week details of the financing it has put together for its 3 billion euro bid (US$3.5 billion) for Kaufhof, a German retail chain owned by Hudson’s Bay, Reuters reported. Hudson’s Bay had said last week it would review Signa’s offer for Kaufhof, but also called it incomplete, non-binding and unsolicited, with no evidence of financing. U.S. activist hedge fund Land & Buildings Investment Management LLC, which has been pressuring Hudson’s Bay to consider asset sales, said last week it was unclear what additional evidence Hudson’s Bay would expect at this stage regarding Signa’s ability to finance the Kaufhof transaction.
