Hudson's Bay Co. said Thursday that shareholders overwhelmingly voted in favor of going private at a special meeting held earlier in the day. Nearly all (98.28%) votes cast approved of a transaction in which a group of shareholders led by Executive Chairman Richard Baker will own the company. Shareholders will receive C$11 per share in cash. Hudson's Bay had gotten a competing bid from Capital Group, which owns more than 30 million shares of the company. Hudson's Bay's portfolio includes Saks Fifth Avenue and that brand's off-price chain. Hudson's Bay shares have gained 34.7% over the last year while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.24% has gained 9.6% for the period.