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Feb. 27, 2020, 11:18 a.m. EST

Saks Fifth Avenue parent Hudson's Bay Co. gets green light from shareholders to go private

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By Tonya Garcia

SPX

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.

/zigman2/quotes/210599714/realtime
US : S&P US
2,955.45
+6.94 +0.24%
Volume: 2.19B
May 22, 2020 5:09p
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