Hudson's Bay Chairman-Led Group Bids to Take Company Private

12 Juin, 2019, 18:25 | Auteur: Auguste Feret
  • An executive-led group of shareholders is making a bid to take Hudson's Bay Co. private

HBC isn't the only retailer to pursue this strategy: The Nordstrom family offered to take the Seattle-based company private for approximately $8.4 billion in March 2018, but the bid was rejected by special committee of the retailer's board, who said the offer was too low. The shares surged to near the offer price before paring some gains.

Shares in the retailer were halted on the TSX when the news emerged.

The shares traded for $9.16 at mid-afternoon Monday, after hitting a 2019 intraday high of $9.40 earlier in the day.

In other news, HBC is exiting Germany with an agreement to sell the remaining stake in its German real estate joint venture, and divest its related retail joint venture to its partner, SIGNA, along with assumption of certain obligations for a total consideration of $1.5 billion (Canadian dollars).

She admitted publicly in April, during the company's fourth-quarter conference call, that a shift to lower-priced merchandise across the Hudson's Bay chain of department stores had resulted in disappointing revenue.

So far, she's made several bold moves, including the merger that reduced the company's stake in its German operations and the shuttering of its Home Outfitters business in Canada. In May, HBC said it is reviewing strategic options for its Lord & Taylor division, including a sale. (HBC), the owner of Saks Fifth Avenue and Lord & Taylor, private.

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Baker took the company public in 2012, following up with a string of acquisitions, including Saks Fifth Avenue for $2.9 billion, Gilt Groupe for $250 million, and German department store chain Galeria Kaufhof from Metro Group for $3.2 billion.

And the Telegraaf reported at the end of past year that the company lost more than €80m in the Netherlands in 2018.

The offer, announced Monday, is being led by Hudson's Bay Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors, Hanover Investment SA and Abrams Capital Management.

In a statement, CEO Helena Foulkes said that the deal to retreat from Europe allows the retailer to "fully focus our resources on HBC's North American operations, including our best growth opportunities - Saks Fifth Avenue and Hudson's Bay".

The Canada-based business has formed a special committee to review its take-private bid, with Baker and investors representing about 57% of the outstanding common shares of HBC.

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