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Company News

BUZZ-Hudson's Bay falls after activist investor calls buyout offer "inadequate"

** Shares of Canadian retailer Hudson’s Bay Co down 3.6% at C$9.88

** Investor Land & Buildings calls HBC chairman’s C$1.74 bln ($1.30 bln) go-private proposal “inadequate”

** The shareholder group, which collectively owns 57% stake in HBC, made an offer last week to buy the company for C$9.45 per share

** Activist shareholder Jonathan Litt believes it is highly unlikely that a majority of the shareholders outside the buyout group will approve the transaction

** All the 5 analysts covering the stock have “hold” rating; their median PT is C$10.25

** Despite Tuesday’s losses, stock up 36.5% this year (Reporting By Arundhati Sarkar in Bengaluru)

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