Activist shareholder Jonathan Litt lambasted a C$1.74 billion bid to take Hudson’s Bay private as “woefully inadequate”, saying the chairman-led shareholder group looking to push through a deal could double the offer.
Hudson’s Bay Co Executive Chairman Richard Baker said on Monday he had teamed up with other shareholders to offer to take the struggling Canadian department store operator private in a $1.3 billion cash deal.
Hudson's Bay Co and joint venture partner RioCan REIT have signed a conditional agreement to sell HBC's flagship store in Vancouver for about C$675 million (387.2 million pounds) to an Asian buyer, a source said.
Signa Holding GmbH, the Austrian 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 for Kaufhof.
Saks Fifth Avenue owner Hudson’s Bay Co said on Wednesday it had received a bid for its German department store chain Kaufhof from Signa Holding, the Austrian property and retail group that owns Karstadt.
The collapse of Sears Canada, leaving vacant stores across the country, could actually boost profits for many mall owners who will be able to replace the retailer with tenants who can afford higher rents.
Hudson’s Bay Co, owner of the Saks Fifth Avenue and Lord & Taylor retail chains, plans to review its options including going private following pressure from an activist shareholder, people familiar with the matter said.
Retailer Hudson's Bay Co is unlikely to take its vast real estate holdings public any time soon, the head of RioCan Real Estate Investment Trust, a partner in a venture that holds some of those assets, said on Thursday.