U.S. hedge fund opposes $1.74 bln acquisition of Hudson’s Bay
U.S. hedge fund Land & Buildings Investment Management said it opposes the proposed acquisition of Canadian department store operator Hudson’s Bay Co (TSX: HBC) by a group of shareholders, including Executive Chairman Richard Baker. Last week, Baker, Rhône Capital and other shareholders offered to take Hudson’s Bay private for $9.45 per share, representing a total value of $1.74 billion. Land & Buildings said the proposal is "woefully inadequate" and unlikely to receive majority approval of remaining shareholders. The hedge fund requested Hudson’s Bay undertake a strategic alternatives process and hire an investment bank to assess the value of its real estate and retail banners.
18 June 2019•4 mins read
