Hudson’s Bay Co., owner of department-store chain Saks Fifth Avenue, is to be taken private in a deal valued at about $1.9 billion.
The company announced today that it made an agreement with a shareholder group that already owns 57 percent of the company collectively and which is led by Executive Chairman Richard Baker. The group includes Rhône Capital and WeWork Property Advisors, among others.
Hudson’s Bay operates roughly 300 stores under the Hudson’s Bay, Saks Fifth Avenue, Saks OFF 5TH and Lord & Taylor banners
The group agrees to pay the Canadian dollar equivalent of $7.84 per share — 9 percent more than it had offered in June. The deal remains subject to the acceptance of 75 percent of voted shares at a meeting set for December, according to the published statement.
Hudson’s Bay operates roughly 300 stores under the Hudson’s Bay, Saks Fifth Avenue, Saks OFF 5TH and Lord & Taylor banners.
"The special committee is confident that this transaction represents the best path forward for HBC and the minority shareholders," said David Leith, chairman of the special committee of independent directors.
By Edmund Mander
Director, Editor-In-Chief/SCT
