Deals
Chairman’s Bid for Hudson’s Bay ‘Woefully Inadequate,’ Litt Says
- Investor urges special committee to evaluate other options
- After Litt’s letter, Baker opts not to buy pension’s stake
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Activist investor Land & Buildings Investment Management has often pushed for change at struggling Hudson’s Bay Co. But not just any change will do -- especially not the chairman’s “woefully inadequate offer” to take the retailer private.
The New York hedge fund, run by Jonathan Litt, came out swinging Tuesday against the C$9.45-a-share bid announced last week by Richard Baker and other investors for the remaining stock of Hudson’s Bay.