HBC shareholders offered to take the firm private in a $1.5bn deal.

Shareholders Hudson's Bay Company, a Canadian retail business group, offered to take the firm private in a $1.5bn all-cash deal. The shareholders, which collectively own approximately 57% of the outstanding common shares of HBC, include Richard A. Baker, Governor and Executive Chairman of HBC, Rhône Capital, WeWork Property Advisors, Hanover Investments, and Abrams Capital Management. The proposed transaction from the Continuing Shareholders represents a premium of 62% to HBC’s closing share price on the Toronto Stock Exchange on June 7, 2019. “Our all-cash proposal would provide HBC’s public shareholders the ability to realize immediate and certain value for their shares at a substantial premium while transferring the risks and uncertainties facing HBC to the Continuing Shareholders. We believe that improving HBC’s performance will require significant time and patient long-term capital that is better suited in a private company context without the emphasis on short-term results and returns,” Richard A. Baker, HBC Executive Chairman.