TORONTO - The Hudson’s Bay Co. board agreed Monday to a sweetened privatization offer that values the retailer at about $1.9 billion, but the deal will require support from minority shareholders if it is to be accepted. The board said a group of shareholders led by HBC executive chairman Richard Baker group, which holds about a 57 per cent in the retailer, has agreed to pay $10.30 per share in cash to take HBC private. HBC shares gained six per cent in early trading, but remained below the revised offer price. The board said the Baker-led group’s offer provides minority shareholders with “immediate and certain value” that will expected to be higher than in the foreseeable future. The deal is subject to the approval by a majority of the minority of HBC shareholders, excluding the shareholder group and its affiliates, and approval by a 75 per cent majority vote at a special meeting of shareholders.

Source: thestar October 21, 2019 12:00 UTC