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Shareholders Make $1.3B Bid for Saks Fifth Owner HBC
A group of Hudson’s Bay Company (HBC) shareholders, including WeWork Property Advisors and HBC executive chairman Richard Baker, have offered to take the retail holding company private. The deal values HBC, whose brands include Lord & Taylor and Saks Fifth Avenue, at about US$1.3 billion.
“While we continue to believe in HBC’s long-term potential, it has become clear that the significant challenges, risks and uncertainties facing HBC in the rapidly-evolving retail environment are best addressed in a private market setting,” said Baker.
Baker is leading the privatization bid alongside Rhone Capital, Hanover Investments, Abrams Capital Management and WeWork, who collectively own 57% of HBC’s stock. WeWork has a partnership with HBC that included the $850-million acquisition of Lord & Taylor’s Fifth Avenue flagship store in February.
HBC, based in Toronto and New York, said its board had formed a special committee to study the proposal.
Pictured: Saks Fifth Avenue flagship store in Midtown
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- ◦Sale/Acquisition
