Hudson's Bay Co. said Monday that it will be taken private by a group of shareholders for C$10.30, about a 62% premium to the department store company's closing share price on the Toronto Stock Exchange on June 7, 2019. That was the last day before the initial proposal to go private. The price is a 9% increase over the initial proposal of C$9.45 per share. Hudson's Bay's portfolio includes Saks Fifth Avenue. In August, the company announced that it was selling its Lord & Taylor brand to a clothing rental subscription company, Le Tote, for $100 million. That came after the company shuttered or sold some of the store's locations, including the iconic Fifth Avenue Lord & Taylor shop. The company reported a sales miss in its most recent earnings. Hudson's Bay expects to hold a special meeting in December 2019. Shares are up 29.6% for the year to date while the S&P 500 index (S&P:SPX) has gained 19.1% for the period.
Oct. 21, 2019, 8:07 a.m. EDT