Deals
Hudson’s Bay Agrees to Go Private at $1.45 Billion Valuation
- Board enters agreement with investors led by Richard Baker
- Spotlight now on minority shareholders for approval of deal
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Hudson’s Bay Co. will go private in a deal valuing the Canadian retailer at C$1.9 billion ($1.45 billion), a bid by a group of investors led by Chairman Richard Baker to try their hand at reinvigorating the fading 349-year-old department-store chain.
The board of Hudson’s Bay said it entered into an agreement with investors led by Baker after the group raised its offer price to C$10.30 a share, up from C$9.45 a share. It approved the offer after a recommendation by a committee of independent directors and expects to hold a special meeting of shareholders in December to vote on the proposal.