In the latest development in the potential acquisition of Hudson’s Bay, chairman Richard Baker and his partners are considering upping their take-private offer for the retailer. The initial bid of C$10.30 per share is now being discussed at a higher price point of approximately C$11 per share. This move comes in response to a competing offer from Catalyst Capital Group, who also put forward a bid of C$11 per share for the iconic Saks Fifth Avenue parent company.
Negotiations regarding the revised bid are currently in progress and have not yet been finalized. Despite facing some hurdles in garnering enough support from fellow shareholders at a recent special meeting, Baker and his consortium are pushing forward with their bid to acquire the company.
Following news of the potentially sweetened offer, Hudson’s Bay stock saw a significant increase of 18% to reach C$9.64. The retailer has not provided any official comments on the matter as of now.
As the discussions continue and more information unfolds, it will be interesting to see how this bidding war unfolds. This story is still developing, so be sure to stay tuned for further updates.
For more information on the latest updates regarding Hudson’s Bay and the potential acquisition bid, visit Reuters and Bloomberg.
