Hudson’s Bay CoChairman Richard Baker won the support of proxy advisory firm Glass Lewis for the takeover of the Canadian retailer, just days after a rival adviser recommended stakeholders vote against the plan.
The Hudson’s Bay director who led the committee that negotiated the sale of the company to a group of controlling shareholders said a report by Institutional Shareholder Services criticizing the deal was “misleading.”
Hudson’s Bay Co Executive Chairman Richard Baker said on Monday he had teamed up with other shareholders to offer to take the struggling Canadian department store operator private in a $1.3 billion cash deal.
For the first time since its birth in 1907, Neiman Marcus will open a location in Manhattan on Friday, debuting a new range of exclusive digital and physical features at The Shops & Restaurants at Hudson Yards.
Activist investor Land and Buildings on Tuesday reiterated that Canadian department store operator Hudson’s Bay Co’s real estate assets were worth substantially more than the company’s current market valuation.
The Canadian retailer has reached an agreement with shareholder Land & Buildings, under which the activist investor would withdraw its appeal against the conditional approval given for an investment by Rhone Capital.
Signa Holding GmbH, the Austrian group that owns German department store operator Karstadt, sent Hudson’s Bay Co this week details of the financing it has put together for its 3 billion euro bid for Kaufhof.
Saks Fifth Avenue owner Hudson’s Bay Co said on Wednesday it had received a bid for its German department store chain Kaufhof from Signa Holding, the Austrian property and retail group that owns Karstadt.