Hudson’s Bay Co., the owner of Saks and Lord & Taylor, has received a bid to go private from a group led by Richard Baker, executive chairman of Hudson’s Bay Co.
In a statement, HBC announced that its Board of Directors has formed a Special Committee of independent directors to review the June 10, 2019 proposal from a group of HBC shareholders for the privatization of the company at a price of C$9.45 per share, payable in cash.
The group of HBC shareholders submitting the proposal includes individuals and entities related to, or affiliated with, Richard A. Baker, Governor and Executive Chairman of HBC; Rhône Capital L.L.C.; WeWork Property Advisors; Hanover Investments (Luxembourg) S.A.; and Abrams Capital Management, L.P., collectively called the Continuing Shareholders. The group disclosed that they collectively own approximately 57 percent of the outstanding common shares of HBC on an as-converted basis. The Special Committee of independent directors is composed of David Leith (chair of the Special Committee), Stephanie Coyles, Wayne Pommen, Earl Rotman and Matthew Rubel.
The Special Committee has retained Blake, Cassels & Graydon LLP as legal counsel and J.P. Morgan Securities as financial advisor to assist in its review.
Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes formats ranging from luxury to premium department stores to off-price fashion shopping destinations, with more than 300 stores and about 40,000 employees around the world. HBC’s leading businesses across North America include Saks Fifth Avenue, Hudson’s Bay, Lord & Taylor, and Saks OFF 5TH.
