The Hudson's Bay Company, which will likely go private later this year, is approaching its 350th anniversary. It is facing a major crossroad as it navigates a complex and challenging retail environment and must take action that may well determine its future.
Hudson's Bay Co. will postpone a shareholder vote on a takeover offer after an Ontario Securities Commission ruling and as a dissident shareholder threatens to "take additional steps" if the retailer fails to reconsider its higher-priced offer.
Minority shareholders of Canada's oldest retailer are receiving conflicting advice on how to vote on a privatization bid by a group led by Hudson's Bay Co.'s executive chairman as the battle over the company's current value escalates and the voting deadline nears.
Canada's oldest retailer's strategy will remain the same whether or not it continues as a public company, Hudson's Bay Co. chief executive said as the department-store chain reported sluggish sales in its most recent quarter.
The Hudson's Bay Co. board agreed Monday to a sweetened privatization offer that values the retailer at about $1.9 billion, but the deal will require support from minority shareholders if it is to be accepted.