Hudson’s Bay being taken private by shareholder group

NEW YORK (AP) – The owner of Saks Fifth Avenue is being taken private by a group of its shareholders.

Hudson’s Bay said yesterday that its common shares will be purchased for USD7.86 per share in cash. The shareholder group, which includes Hudson’s Bay Executive Chairman Richard Baker, initially proposed in June a buyout offer of USD7.21 per share.

The shareholder group together own 57 per cent of the Canadian company.

In August Hudson’s Bay Co agreed to sell Lord & Taylor to rental clothing company Le Tote Inc for USD100 million. Earlier this month it completed the sale of its European real estate and joint ventures.

Like many department stores, Hudson’s Bay has struggled to adapt to a dramatic shift to online shopping.