The Bay Is Going Private

TORONTO ― The board of Hudson’s Bay Co. has agreed to a sweetened offer by a shareholder group led by executive chairman Richard Baker.The retailer says the group has agreed to pay $10.30 per share in cash to take HBC private. The bid is up from an earlier offer of $9.45 per share.The agreement values HBC at about $1.9 billion.Watch: All the stores in Canada that closed this year. Story continues below. HBC says the price offered represents a premium of 62 per cent compared with where its shares were trading before the shareholder group’s initial privatization proposal in the summer.The Baker-led group holds a 57 per cent stake in the retailer and includes Rhone Capital, WeWork Property Advisors, Hanover Investments (Luxembourg) and Abrams Capital Management.The deal is subject to the approval by a majority of the minority of HBC shareholders, excluding the shareholder group and its affiliates, and approval by a 75 per cent majority vote at a special meeting of shareholders.ALSO ON HUFFPOST
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