Feb 27 (Reuters) - Saks Fifth Avenue owner Hudson’s Bay Co said on Thursday it won shareholders’ approval to take the Canadian department store operator private by chairman Richard Baker.
Baker and his partners have been in a tussle with the company’s top shareholders and were forced to raise their takeover bid to around C$11 per share.
The move comes as the retailer struggles to grow sales in a competitive market, forcing it to close stores and sell units to focus on Saks Fifth Avenue and Hudson’s Bay in Canada.
The deal was backed by 98.28% of all shareholders and 94.46% common shareholders, a company spokeswoman told Reuters.
The company expects the process to be completed on or around March 3. (Reporting by Nivedita Balu in Bengaluru and Melissa Fares in New York; Editing by Arun Koyyur)