TORONTO — Hudson’s Bay Co. executive chairman Richard Baker has won shareholder approval to take the retailer private.
About 98 per cent of the Toronto-based department store owner’s shareholders approved the go-private move and about 94 per cent of minority shareholders supported it.
The vote comes after a shareholder group headed by Baker increased its going-private offer to $11 per share, winning the backing of rival shareholder Catalyst Capital Group, which had opposed an earlier offer of $10.30 per share.
Catalyst had used various techniques to block the Baker group, including making a counter offer of $11 per share and a successful trip to the Ontario Securities Commission, which directed HBC and the Baker group to provide more information before holding a shareholder vote.
HBC’s board of directors unanimously recommended shareholders support the sweetened offer.
To pass, the deal needed to land at least 75 per cent of all shareholder votes and a simple majority of votes from minority shareholders, including Catalyst.
Companies in this story: (TSX:HBC)
This report by The Canadian Press was first published Feb. 27, 2020.
The Canadian Press