Company News

BUZZ-Hudson's Bay: Executive chairman's take-private offer sends share surging

** Lord + Taylor owner’s shares up 44% to $9.17 - stock set for its best day since its return to public markets in 2012

** A group of shareholders, including Hudson’s Bay Executive Chairman Richard Baker, on Monday offered to take the retailer private in a C$1.74 bln cash deal

** Offer price of C$9.45 per share, represents a premium of 48% to the stock’s closing price on Friday; Co says it has formed a special committee to review the proposal

** HBC rose as much a 47.6% to $9.12 - touching a six-month high; Stock is top gainer on the Toronto Stock Index

** Co also says it will sell its stake in its real estate joint venture in Germany to Signa Retail Holdings in a deal valued at C$1.5 bln

** With Monday’s gains, HBC up 25.6% YTD; GSPTSE up 13.4% this year (Reporting by Uday Sampath in Bengaluru)