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Jan 31, 2020

Hudson's Bay board unanimously backs Baker's offer

HBC plots privatization course, outside the glare of quarterly capitalism

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TORONTO -- The board of directors of Hudson's Bay Co. has unanimously recommended shareholders support a sweetened offer to take the retailer private.

The recommendation is included in the company's amended and restated management information circular.

The board support follows the endorsement of the buyout plan by a special committee of the board earlier this year.

HBC announced Jan. 3 that a shareholder group headed by executive chairman Richard Baker raised its going-private offer to $11 per share, winning the backing of rival shareholder Catalyst Capital Group, which had opposed an earlier offer of $10.30 per share.

The deal needs at least 75 per cent of the votes cast by all shareholders and at least a simple majority of votes by minority shareholders, including Catalyst.

The shareholder vote is set for Feb. 27.