Saks' parent company gets offer to go private
- Hudson’s Bay Co Executive Chairman Richard Baker on Monday teamed up with other shareholders and offered to take the struggling Canadian retailer private in a C$1.74 billion cash deal.
Land & Buildings had called on Hudson’s Bay last year to sell the Saks Fifth Avenue and Lord & Taylor brands and its 50% interest in the European joint venture, saying the company must do more to unlock shareholder value. Baker is widely credited with expanding Hudson’s Bay, North America’s oldest company, with acquisitions. He was also responsible for relisting the company in 2012. At its peak, the retailer was valued at more than C$5 billion.
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