Directors of Hudson’s Bay backed a takeover offer from the company’s chairman over a rival, higher proposal. They’ve chosen the most easily deliverable deal instead of what might have been the best, writes johnsfoley.
Directors of Hudson’s Bay, the Canadian retailer that owns Saks Fifth Avenue, on Dec. 2 backed a C$1.9 billion takeover offer from the company’s chairman over a rival, higher proposal.
The special committee said Executive Chairman Richard Baker and his backers own around 57% of the company’s equity on a fully converted basis, so any deal opposed by them could not be completed and so could not be deemed superior. Baker’s offer requires approval by the majority of the minority shareholders in a vote scheduled for Dec. 17.
Catalyst Capital had offered C$11 per share, or C$2 billion in total. Its offer was conditional on due diligence. The private equity group said it had the backing of unnamed financial institutions.
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