Business

A pedestrian passes in front of the Saks Fifth Avenue Inc. women’s store at Brookfield Place in New York, U.S.

Allison Joyce | Bloomberg | Getty Images

Richard Baker, the executive chairman of Saks-owner Hudson’s Bay Company, is leading a bid to take the retailer private, the company announced on Monday.

A group of shareholders who collectively own 57% of the company, including Baker, Rhone Capital, WeWork Property Advisors, Hanover Investments (Luxembourg), and Abrams Capital Management submitted a proposal to take the company private at at C$9.45 per share, payable in cash. That price is a 48% premium to where the stock closed on Friday.

This is breaking news. Please check back for updates.

Products You May Like

Articles You May Like

Here’s what Powell could say at Jackson Hole to soothe the roller coaster markets
Economist: Hong Kong’s tycoons ‘are the problem’ underlying recent unrest
Quail Lodge car show has become the hottest ticket for the super rich at Pebble Beach Concours
Forget the doomsayers, yield curve inversion is buy signal, one strategist says
Pebble Beach car week isn’t for budget travelers. Prices get jacked for tickets, hotels, even gas

Leave a Reply

Your email address will not be published. Required fields are marked *