We inform you that on this website we use our own and third-party cookies to collect information about its use, improve our services and, where appropriate, display advertising by analyzing your browsing habits. You can expressly accept its use by pressing the "ACCEPT" button or configure and select the cookies you want to accept or reject in the settings. You can also get more information about our cookie policy here.

The global fashion business journal

Aug 12, 202012:19am

Hudson’s Bay president considers raising buyout offer

Richard Barker, the first executive of the Canadian group, wishes to raise the value of the buyout to eleven Canadian dollars by actions, the same amount that was offered by Catalyst Capital Group and was rejected by the board last December.

Jan 2, 2020 — 4:03pm
Save

Hudson’s Bay president considers raising buyout offer

 

 

Hudson’s Bay president starts 2020 with new wishes. The first executive of the Canadian company, owner of Saks Fifth Avenue, has floated the idea to ​​increase its offer to around eleven Canadian dollars per share. The initial offer presented by the group president, Richard Baker, and a group of investors was 10.3 Canadian dollars per share.

 

This is an offer that mirrors the one presented at the end of 2019 by the Catalyst Capital Group, which controls 17.5% of the capital, and that the group’s board rejected in December. Richard Baker then said in a statement that the bid had been dismissed because “Catalyst's financing plans would add the company to the long list of retailers who have been forced to close their doors, eliminate jobs and impact pensioners.”

 

Baker’s announcement propelled the group’s stock market actions last Tuesday. Securities shot up 31.7% on the last day of the year, up to 9.88 Canadian dollars per share. The chief executive of the Hudson’s Bay group and its partners control 57% of the company, but they need a majority of minority shareholders to seal an agreement.

Advertising
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...