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.

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