Saks Fifth Avenue owner Hudson’s Bay Co has agreed with a group of shareholders to be taken private in a deal under which the company will buy stocks held by certain minority stakeholders for C$11 apiece in cash.
Hudson’s Bay Co Chairman Richard Baker and his partners have reportedly approached the retailer’s minority stockholders, including bidding rival Catalyst Capital, to potentially raise their take-private bid.
Hudson’s Bay CoChairman Richard Baker won the support of proxy advisory firm Glass Lewis for the takeover of the Canadian retailer, just days after a rival adviser recommended stakeholders vote against the plan.
The Hudson’s Bay director who led the committee that negotiated the sale of the company to a group of controlling shareholders said a report by Institutional Shareholder Services criticizing the deal was “misleading.”
The Italian eyewear group has bought a 70% stake in Blenders Eyewear LLC from Chase Fisher, who founded the company in 2012 and remains as CEO with a 30% interest. The company’s full valuation was $90 million.