February 28, 2020
Hudson’s Bay Company’s shareholders approved a plan to become a private company, the parent company of Saks Fifth Avenue said Thursday. The Toronto-and New York-based retailer will seek final approval from the Ontario Court of Justice.
Under the plan of arrangement, HBC will become a private company owned by a group of continuing shareholders led by Richard Baker, the company’s executive chairman. The other continuing shareholders include Rhône Capital L.L.C.; WeWork Property Advisors; Hanover Investments (Luxembourg) S.A.; and Abrams Capital Management, L.P.
The company’s other shareholders will receive C$11 per share in cash, up from $10.30 in cash when the privatization was first announced in October. The privatization values the company at roughly $1.9 billion, HBC said in October.
Pictured: The flagship Saks Fifth Avenue store in Manhattan.
For comments, questions or concerns, please contact Paul Bubny