HBAYF - Hudson's Bay Company

Other OTC - Other OTC Delayed Price. Currency in USD
6.89
-0.12 (-1.71%)
At close: 3:59PM EST
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Previous Close7.01
Open6.82
Bid0.00 x 0
Ask0.00 x 0
Day's Range6.82 - 6.96
52 Week Range4.70 - 8.07
Volume15,811
Avg. Volume22,079
Market Cap1.255B
Beta (3Y Monthly)1.77
PE Ratio (TTM)N/A
EPS (TTM)-2.42
Earnings DateN/A
Forward Dividend & Yield0.04 (0.54%)
Ex-Dividend Date2019-09-27
1y Target EstN/A
  • PR Newswire

    ISS Recommends that Hudson's Bay Company Shareholders Vote AGAINST the Baker Group Transaction

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") today announced that Institutional Shareholder Services ("ISS"), a leading independent proxy advisory service, has recommended that Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") shareholders vote "AGAINST" the Company-sponsored share buyback (the "Insider Issuer Bid") outlined in the October 20, 2019 arrangement agreement (the "Baker Group Agreement") between insiders led by Mr. Richard Baker (the "Baker Group") and the Company.

  • Proxy adviser ISS opposes plan by Hudson's Bay chairman to take firm private
    Reuters

    Proxy adviser ISS opposes plan by Hudson's Bay chairman to take firm private

    In October, Hudson's Bay agreed to a C$1.9 billion ($1.4 billion) offer worth C$10.30 per share from shareholders led by Chairman Richard Baker. The group, which collectively owns 57% of Hudson's Bay, includes private equity firm Rhone Capital LLC and office-space sharing start-up WeWork's property arm. Private equity firm Catalyst Capital Group Inc, which owns 17.5% of Hudson's Bay and was unhappy with the bid by the Baker-led consortium, offered C$11 per share in November.

  • Business Wire

    Special Committee of the Board of Hudson’s Bay Provides Additional Information Regarding Background to Proposed Privatization Transaction

    The Special Committee of the Board of Directors of Hudson’s Bay Company (TSX:HBC) ("HBC" or the "Company") today provided additional information regarding the background to the European real estate transactions (the "SIGNA Transactions") that led to the development of the privatization transaction contemplated by the Arrangement Agreement between HBC and Rupert Acquisition LLC dated October 20, 2019 (the "Arrangement Agreement").

  • Business Wire

    The HBC Continuing Shareholders Issue Investor Presentation Reiterating the Compelling Reasons for Supporting the Proposed Take Private of Hudson’s Bay Company

    A group of shareholders of Hudson’s Bay Company (TSX:HBC) ("HBC" or the "Company"), who collectively own approximately 57% of the outstanding common shares of HBC on an as-converted basis (collectively the "Continuing Shareholders"), today issued an investor presentation reiterating the compelling reasons for HBC’s minority shareholders to support the proposed arrangement to take HBC private for $10.30 per share in cash.

  • Business Wire

    HBC Schedules Q3 2019 Financial Results

    HBC (TSX: HBC) will announce financial results for the third quarter 2019 on Tuesday, December 10, 2019 before market hours. Chief Executive Officer Helena Foulkes, and Interim Chief Financial Officer Becky Roof will subsequently host a conference call to discuss the company’s results at 8:30 a.m. ET.

  • Business Wire

    Hudson’s Bay Company Reminds Shareholders to Vote FOR the Take Private Transaction in Advance of Special Meeting

    Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company") today mailed an informational brochure and launched www.HBCGoPrivate.com to encourage all shareholders to vote FOR the transaction in which HBC will become a private company, owned by certain continuing shareholders (the "Continuing Shareholders"), and the Company’s other shareholders (the "Minority Shareholders") will receive $10.30 in cash per share. The take-private transaction was unanimously recommended by the independent Special Committee of the Board of Directors (the "Special Committee") and determined by the Board (excluding conflicted directors) to be in the best interest of HBC and fair to Minority Shareholders.

  • Business Wire

    The HBC Continuing Shareholders Issue Statement

    A group of shareholders of Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company"), who collectively own approximately 57% of the outstanding common shares of HBC on an as-converted basis (collectively the "Continuing Shareholders"), today issued the following statement:

  • Hudson's Bay director says insiders' offer is only deal on the table
    Reuters

    Hudson's Bay director says insiders' offer is only deal on the table

    The Hudson's Bay Co director who led the Saks Fifth Avenue owner's negotiations to sell itself to a group of controlling shareholders said on Wednesday that the C$1.9 billion ($1.4 billion) deal was the only one available. David Leith, chairman of Hudson's Bay's special board committee that negotiated the sale to a buyout consortium led by the company's executive chairman, Richard Baker, said in an interview that a rival C$2.03 billion offer for the retailer by Canadian private equity firm Catalyst Capital Group Inc was not a choice available to Hudson's Bay shareholders.

  • Bloomberg

    Hudson’s Bay Confident of Approval for Chairman’s Buyout Bid

    (Bloomberg) -- Hudson’s Bay Co. is optimistic shareholders will endorse a take-private offer from its chairman when it comes to a vote this month, according to the chairman of a special committee formed by the struggling retailer.“We are confident in the end that we will get the vote because it’s a rational decision to make,” said David Leith, the head of the committee reviewing the chairman’s bid as well as a competing offer from one of Hudson’s Bay’s biggest shareholders.The Dec. 17 shareholder vote pits Chairman Richard Baker, whose bid was backed by the board in October, against private-equity firm Catalyst Capital Group Inc., which made a higher offer that was rejected by Leith’s committee as “not reasonably capable of being consummated.” Catalyst wants to block the Baker deal, which requires support of the majority of minority shareholders.Leith, who spoke publicly for the first time since the committee was formed, said he’s concerned the complexity of the transaction and the barrage of statements between the rival bidders has made it hard for retail investors to make up their mind.The board has supported the Baker offer to turn the owner of Saks Fifth Avenue around outside the glare of public markets as retailers try to find relevance in the era of e-commerce. Fixes will take a while and be expensive, said Leith, a former investment banker at Canadian Imperial Bank of Commerce.“This was not a circumstance where we came up and said ‘we want to sell Hudson’s Bay and we want the best offer,’” he said. “This was the circumstance where an insider said ‘we are committed to the long term of Hudson’s Bay.’”Catalyst OfferCatalyst’s proposal of C$11 a share represents a 6.8% premium to the C$10.30 a share that Baker and his partners agreed to pay in October. The special committee rejected the Catalyst bid in part because Baker and his allies, who own about 57% of shares, have indicated they won’t sell. HBC declined for a second day Wednesday, closing at C$9.24 in Toronto. That’s well below both offer prices, suggesting investors are concerned the bids may fail.“The controlling shareholders never put the company up for sale, nor did we put the company up for sale,” Leith said in a phone interview Wednesday.The Baker group’s bid to win over the bulk of minority holders could prove challenging with Catalyst holding 17.5% of the common stock. Only the common shares are subject to the vote by minority holders, according to a regulatory filing.As of the record date, there were roughly 184 million common shares outstanding, of which the Baker group held about 83.6 million, or 45.3%, the filing shows. That leaves roughly 100 million shares that will be counted, of which Catalyst owns about 32.3%.Catalyst, the distressed debt firm run by Newton Glassman, has appealed to the Ontario Securities Commission to halt the Baker offer, which they say was made with “inadequate and inaccurate” disclosure to shareholders. The regulator has agreed to hold a hearing on the matter Thursday in Toronto.To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Jonathan RoederFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • PR Newswire

    Catalyst Comments on Hudson's Bay Company Special Committee Disclosure and Statements by Richard Baker

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") today provided an update on its offer to acquire all of the issued and outstanding shares of Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") for cash consideration of $11.00 per common share (a "Common Share"). Catalyst also commented on recent statements by the Special Committee of the Board (the "Special Committee") and by insiders led by Mr. Richard Baker (the "Baker Group").

  • Bloomberg

    Hudson’s Bay Rejects $1.5 Billion Bid From Catalyst Capital

    (Bloomberg) -- A special committee at Hudson’s Bay Co. rejected an offer by private-equity firm Catalyst Capital Group Inc. that values the Canadian retailer at more than C$2 billion ($1.5 billion), giving the upper hand to a lower bid by the company’s chairman.The offer presented last week by Catalyst is “not reasonably capable of being consummated,” the committee said in a statement late Monday. Catalyst’s proposal of C$11 a share represented a 6.8% premium to the C$10.30 a share that Hudson’s Bay Chairman Richard Baker and his partners agreed to pay in October, and which the committee and the board backed.Baker and his allies confirmed that they weren’t interested in any transaction that would result in the sale of their interest in Hudson’s Bay, the committee said in its statement. Since the group owns 57%, and the Catalyst offer requires at least three-quarters of votes, it means the transaction can’t be completed, the committee said.Hudson’s Bay fell as much as 6.6%, the largest drop in nearly a year. They were trading at C$9.25 a share, down 5%, as of 10:48 a.m. in Toronto, giving the company a market value of about C$1.7 billion.The response is the latest twist in the battle for the struggling retailer, which Baker said he wants to turn around outside the glare of public markets. The rivalry next moves to Dec. 17, when shareholders are set to vote on Baker’s offer.The Baker group requires a majority of the minority holders to support the deal at the meeting, which could prove challenging with Catalyst holding 17.5% of the common stock in the company. Only the common shares are subject to the vote by minority holders, according to a regulatory filing.As of the record date, there were roughly 184 million common shares outstanding, of which the Baker group held about 83.6 million, or 45.3%, the filing shows. That leaves roughly 100 million shares that will be counted, of which Catalyst owns roughly 32.3%. Compounding the issue is that only those votes cast at the meeting will be counted, and seldom do all shareholders cast their votes at such meetings.Catalyst ResponseCatalyst said in a statement late Monday that it filed for a hearing with the Ontario Securities Commission, seeking to prohibit the Baker group transaction and postpone the Dec. 17 vote. Catalyst asked the OSC’s assistance to redress what it claims are inadequate and inaccurate disclosures to shareholders.The Toronto-based investment firm run by Newton Glassman has urged fellow shareholders to vote against the Baker offer, saying it undervalues the department store chain.Catalyst is concerned about the value Hudson’s Bay has recently ascribed to its real estate, which amounted to about C$8.75 a share, people familiar with the matter told Bloomberg last week. In particular, it’s questioning why the value of the retailer’s flagship Saks Fifth Avenue store in Manhattan fell sharply in a recent appraisal, they said.The Baker group shot back at the Catalyst offer early Tuesday, calling it an “illusory” bid that would saddle the company with debt.“Catalyst’s reckless financing plans would swiftly add the company to the long list of retailers that have been forced to close their doors, shed jobs and impact pensioners,” the group said in a statement. “Catalyst has a track record of failing to execute on its promises and of engaging in conduct that is viewed critically by many participants in the capital markets.”‘Final Offer’The special committee of independent directors was formed in June by the Hudson’s Bay board to evaluate Baker’s proposal with help from financial and real estate experts. In the past few weeks, the company went out of its way to win support for the offer, releasing hundreds of pages of documents, including building-by-building appraisals.Baker said the terms of the deal it reached in October would be its “best and final offer.”Hudson’s Bay shares have plunged by about two-thirds in the past five years as the company has faced growing competition from sellers like Amazon.com Inc., joining other department store chains that are losing ground to online shopping.(Updates with share price in fifth paragraph, additional details starting in eighth)\--With assistance from David Scanlan.To contact the reporters on this story: Sandrine Rastello in Montreal at srastello@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Jeff Sutherland, Rachel ChangFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Hudson's Bay special committee says Catalyst bid not 'superior'

    Private equity firm Catalyst Capital Group Inc's unsolicited bid for Hudson's Bay Co is not "superior" to an agreed upon deal with a consortium led by its executive chairman, the Canadian retailer's special committee said on Monday. Catalyst, which already owns about 17.5% of the company, last week made a competing bid of C$11 per share for the Saks Fifth Avenue owner, challenging the C$10.30 per share offer of the group led by executive chairman Richard Baker. Catalyst said late Monday it has filed a notice with the Ontario Securities Commission to review Baker's offer.

  • Reuters

    Hudson's Bay special committee says Catalyst bid not 'superior'

    Catalyst, which already owns about 17.5% of the company, last week made a competing bid of C$11 per share for the Saks Fifth Avenue owner, challenging the C$10.30 per share offer of the group led by executive chairman Richard Baker. Catalyst said late Monday it has filed a notice with the Ontario Securities Commission to review Baker's offer.

  • PR Newswire

    Catalyst Applies for Hearing with Ontario Securities Commission to Review Richard Baker's Transaction with Hudson's Bay Company

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") has filed a notice of application for a hearing with the Ontario Securities Commission (the "OSC") in relation to the October 20, 2019 agreement (the "Arrangement Agreement") between Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") and certain insiders led by Mr. Richard Baker (the "Baker Group").

  • PR Newswire

    Catalyst Provides Update on its Superior Offer to Acquire Hudson's Bay Company for $11 per Common Share in Cash

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") today provided an update on its offer to acquire all of the issued and outstanding shares of Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") for cash consideration of $11.00 per common share (a "Common Share").

  • Bloomberg

    Catalyst Makes $1.5 Billion Rival Bid for Hudson’s Bay

    (Bloomberg) -- One of Hudson’s Bay Co.’s largest shareholders has made an offer to acquire the retailer that values the company at more than C$2 billion ($1.5 billion), topping a rival offer from a group led by the company’s chairman.Catalyst Capital Group Inc., which holds a 17.5% stake in the owner of Saks Fifth Avenue, offered C$11 a share in cash Wednesday for the rest of the company, according to a statement, confirming a Bloomberg News report. Its offer is fully financed and would be subject to customary due diligence, Catalyst said.The proposal represents a 6.8% premium to the C$10.30 a share that Hudson’s Bay Chairman Richard Baker and his partners agreed to pay last month.Hudson’s Bay acknowledged in a statement it has received the proposal from Catalyst and that no action was required by shareholders at this time.“The special committee of the HBC board of directors will review the offer in consultation with its independent financial and legal advisors to determine the course of action that is in the best interests of HBC and the minority shareholders,” it said.Catalyst has also filed a complaint with the Ontario Securities Commission regarding the conduct of the Baker consortium and Hudson’s Bay, according to the statement.“Their actions are contrary to the public interest, including misrepresentations in circular and other potential securities law violations and a deeply flawed process,” Catalyst said.Catalyst is urging fellow shareholders to vote against the Baker bid at a Dec. 17 meeting. The deal requires the majority of minority holders to support the transaction. The Canadian private equity firm said it believes its own deal could be voted on and closed by February.The offer triggered a war of words between the competing parties.“We believe Catalyst’s ‘offer’ is in fact a highly conditional, non-binding and non-executable proposal that is not supported by fully committed financing, and is intended to mislead HBC shareholders,” the Baker group said in a statement. The group said it is confident that shareholders will recognize the value of its offer.Catalyst fired back through a spokesman that the process by which Baker’s group reached an agreement to acquire Hudson’s Bay was “rigged,” and stated that the special committee of the board can open the process to Catalyst and other bidders. It said it had “strong international banks and financial instructions” committed to supporting its efforts.Catalyst, a Toronto-based investment firm run by Newton Glassman, has opposed the Baker bid, saying it undervalues the department store chain. Catalyst is concerned about the value the company has recently ascribed to its real estate, which amounted to about C$8.75 a share, the people said. In particular, it’s questioning why the value of its flagship Saks Fifth Avenue store fell sharply in a recent appraisal, they said.Hudson’s Bay rose as high as 14% on the news. The shares were up 12.6% to C$9.94 at 3:23 p.m. in Toronto trading, giving the company a market value of about C$1.8 billion. Prior to Catalyst making its offer, shares in Hudson’s Bay had fallen 2.6% through Tuesday’s close of C$8.83 a share, indicating uncertainty that the Baker group would win sufficient support from minority holders for its bid.Winning support for its proposal might prove a challenge for Catalyst despite the higher terms. Baker and his partners, who collectively own a 57% stake in the Toronto-based company, said when they originally proposed taking Hudson’s Bay private in June for C$9.45 a share that they weren’t interested in alternative transactions.The group was subsequently forced to raise its bid after opposition mounted from minority holders, including Catalyst and activist investor Jonathan Litt’s Land & Buildings Investment Management.Land & Buildings said in a statement it was encouraged by the rival bid and is interested in financially participating in this transaction should Catalyst move forward with it.Catalyst said it will allow shareholders to participate in its offer as equity sponsors and that it supports other approaches that could deliver higher value for investors.Baker said the terms of the deal it reached in October would be its “best and final offer.” The deal with Baker isn’t subject to any termination fees and has the unanimous support of Hudson’s Bay’s board, according to a regulatory filing.No Other BiddersThe board committee reviewing the transaction said in the filing it didn’t receive any written expressions of interest from other parties since Baker’s group went public with its offer.The board committee said it supported the Baker group takeover in part because of the company’s recent performance and the low probability another bidder would emerge given the Baker group’s stated lack of interest in an alternative deal.Baker is trying to take the company private in a bid to turn around the struggling retailer, which faces growing competition from sellers like Amazon.com Inc. The stock has plunged by about two-thirds in the past five years, joining other department store chains that are losing ground to online shopping.For much of the 20th century, Canadians had plenty of reasons to shop at the Bay, a storied company whose 349-year history is deeply entwined with that of the nation. North America’s oldest company began as a fur trader founded by two French adventurers and their influential British backers.(Updates with company comment in paragraph four, additional details starting paragraph eight)To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • MarketWatch

    Hudson's Bay gets a second offer to go private from Catalyst Capital for C$11-per-share acquisition

    Saks Fifth Avenue parent Hudson's Bay Co. has gotten an C$11-per-share (US$8.29 per share) acquisition offer from Capital Group, which currently owns 32.2 million shares of the retail company. That represents about 17.48% of outstanding stock. The offer comes after Hudson's Bay agreed to be taken private by a group of shareholders led by Baker Group for C$10.30 per share in October. Catalyst Capital calls that an "insider issuer bid." "Catalyst believes the insider issuer bid is inadequate and undervalues the company on multiple metrics," Catalyst Capital said in a release. Catalyst has concerns about the Baker Group bid, for example calling it "troubling" that Baker Group made an initial offer of C$9.45 soon after a June transaction with Hudson's Bay's European partner Signa. Catalyst says it's prepared to make a higher offer. Hudson's Bay stock is up 21.1% for the year to date while the S&P 500 index is up 25.3% for the period.

  • Reuters

    UPDATE 1-Shareholder Catalyst tops Baker's C$1.9 bln offer for Hudson's Bay

    Catalyst Capital Group Inc on Wednesday offered to buy Hudson's Bay Co in deal that valued it at C$2.03 billion ($1.53 billion), challenging the Canadian retailer's agreed deal with a consortium led by its executive chairman, Richard Baker. Private equity firm Catalyst, which owns 17.5% of Hudson's Bay, has offered C$11 per share, topping Baker's raised C$10.30 per share proposal. Baker's consortium already owns 57% of Hudson's Bay and has previously informed the company it would block a sale to another party.

  • PR Newswire

    Catalyst Presents Superior Offer to Acquire Hudson's Bay Company for $11 per Common Share in Cash

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") today announced that it has offered to acquire all of the issued and outstanding shares of Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") for cash consideration of $11.00 per common share (a "Common Share").

  • Financial Times

    Bidding war for Saks Fifth Avenue owner Hudson’s Bay heats up

    One of the largest shareholders in the Canadian department store group that owns Saks Fifth Avenue has made a competing bid to acquire the company, calling a bid led by its chairman “inadequate”. Catalyst’s offer values the company at C$2.03bn ($1.53bn). Hudson’s Bay confirmed it had received the offer and said a special committee of its board would conduct a review “to determine the course of action that is in the best interests of HBC and the minority shareholders”.

  • TEST Business Wire Releases

    The HBC Continuing Shareholders Highlight the Compelling Reasons for Supporting the Proposed Take Private of Hudson’s Bay Company

    A group of shareholders of Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company"), who collectively own approximately 57% of the outstanding common shares of HBC on an as-converted basis (collectively the "Continuing Shareholders"), believe there are compelling reasons for HBC’s minority shareholders to support the proposed arrangement to take HBC private for $10.30 per share in cash.

  • Catalyst seeks financing to top Hudson's Bay deal: sources
    Reuters

    Catalyst seeks financing to top Hudson's Bay deal: sources

    Baker's consortium already owns 57% of Hudson's Bay, and it has informed the company it would block a sale to another party. Catalyst has reached out to banks such as Wells Fargo & Co, as well as hedge funds, as it tries to secure financing for its bid in the form of an asset-based loan and real estate debt, the sources said. It is far from certain that Catalyst will be able to put together a bid for Hudson's Bay, the sources added.

  • Reuters

    Catalyst seeks financing to top Hudson's Bay deal-sources

    Private equity firm Catalyst Capital Group Inc is seeking financing for a bid for Saks Fifth Avenue owner Hudson's Bay Co that would top a C$1.9 billion ($1.4 billion) deal the retailer reached last month to sell itself to a consortium led by the department store operator's executive chairman, Richard Baker, according to people familiar with the matter. Baker's consortium already owns 57% of Hudson's Bay, and it has informed the company it would block a sale to another party. Catalyst has reached out to banks such as Wells Fargo & Co , as well as hedge funds, as it tries to secure financing for its bid in the form of an asset-based loan and real estate debt, the sources said.