Saks Fifth Avenue owner Hudson's Bay Co has fallen short of securing enough...
) has fallen short of securing enough shareholder support for a C$1.9 billion deal to take the department store operator private, people familiar with the matter said on Friday.
A buyout consortium of Hudson’s Bay investors led by its Executive Chairman Richard Baker did not win enough votes from other company shareholders by a Friday morning deadline in advance of a Dec. 17 special meeting, the sources said. The Ontario Securities Commission regulator on Friday said Hudson’s Bay has agreed to postpone the Dec. 17 meeting. It was not immediately clear when this would now be held.
While Baker’s offer would pay Hudson’s Bay shareholders a 62% premium to the value of their stock prior to his bid being announced, it values the company at just a third of its 2015 worth. That has triggered opposition from some Hudson’s Bay investors, including Canadian private equity firm Catalyst Capital Group Inc and hedge fund Ortelius Advisors LP.
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