|Bid||9.80 x 0|
|Ask||9.82 x 0|
|Day's Range||9.56 - 9.83|
|52 Week Range||6.22 - 12.05|
|Beta (3Y Monthly)||1.61|
|PE Ratio (TTM)||34.06|
|Earnings Date||Sep 10, 2019 - Sep 16, 2019|
|Forward Dividend & Yield||0.05 (0.53%)|
|1y Target Est||10.25|
Yahoo Finance's Adam Shapiro fills you in on the top trending news stories that you need to know.
The success of Hudson's Bay Co Executive Chairman Richard Baker's $1.3 billion bid to take the department store operator private hinges on whether an independent valuator will view the company more as a retailer and less as a real estate owner, corporate governance experts and analysts said. Much of Hudson's Bay's value is locked up in its real estate. Baker's buyout consortium, which already owns 57% of Hudson's Bay, has made a C$9.45 per share offer for the remainder of the Canadian company, a 48% premium to where the stock was trading before the announcement.
Much of Hudson's Bay's value is locked up in its real estate. Baker's buyout consortium, which already owns 57% of Hudson's Bay, has made a C$9.45 per share offer for the remainder of the Canadian company, a 48% premium to where the stock was trading before the announcement. Hudson's Bay shares ended trading on Friday at C$9.73, above the C$9.45 offer price, as investors bet on a sweetened bid.
HBC announced that all of the nominees listed in its management information circular dated May 15, 2019 were elected as directors of HBC at the annual meeting of shareholders held today in Toronto.
The shareholder group, which collectively owns 57% stake in the struggling retailer, made an offer last week to buy the company for C$9.45 per share, with plans to fund the deal using some of the proceeds from asset sales. Litt's Land and Buildings and other shareholders have long criticized Hudson's Bay for not doing enough to capitalize on the value of its properties. Hudson's Bay real estate was worth as much as $6.4 billion or $35.24 per share, the company said in 2017.
(Bloomberg) -- Activist investor Land & Buildings Investment Management has often pushed for change at struggling Hudson’s Bay Co. But not just any change will do -- especially not the chairman’s “woefully inadequate offer” to take the retailer private.The New York hedge fund, run by Jonathan Litt, came out swinging Tuesday against the C$9.45-a-share bid announced last week by Richard Baker and other investors for the remaining stock of Hudson’s Bay. The shares fell 2.2% to C$10.03 at 9:40 a.m. in Toronto on Tuesday. “We want to be clear: this offer materially undervalues the exceptional assets the company owns,” Litt wrote in a letter to the special committee at HBC charged with evaluating the offer. Instead, Litt urged the company to hire “a truly independent investment bank” and consider other strategic alternatives for the company “given the iconic nature of HBC’s real estate that would attract a deep potential buyer pool.”A representative for HBC didn’t immediately reply to a request for comment.A sale -- to Baker’s coalition or another buyer -- could be a next step in Chief Executive Officer Helena Foulkes’s everything-is-on-the-table approach to turning Hudson’s Bay around. The company has already divested flash-sale website Gilt, slashed costs by cutting jobs, unloaded a minority stake to Rhone Capital and sold its iconic Lord & Taylor building in Manhattan to WeWork for $850 million. But it’s been to no avail -- the stock has lost more than half its value since 2012.Litt also took issue with the buyout group’s planned purchase of 10% of HBC’s common shares from Ontario Teachers’ Pension Plan Board for the same C$9.45 price, announced in January. With that stake, Litt said Baker’s group’s total ownership of the company would have been 65%, not the 58% disclosed in filings, and that the deal would “likely be highly scrutinized by the Ontario Securities Commission.”About 30 minutes after Litt’s letter was published, Baker and the Ontario Teachers’ Pension Plan Board announced in a statement plans to terminate their previous deal. The majority of the minority shareholders still need to approve the proposed transaction, and by ending the deal with Baker, Ontario Teachers would still be considered a minority holder and would have a vote.(Adds share trading in third paragraph.)\--With assistance from Sandrine Rastello, Scott Deveau and Jonathan Roeder.To contact the reporter on this story: Anne Riley Moffat in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Crayton Harrison at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Activist shareholder Jonathan Litt lambasted a C$1.74 billion bid to take Canadian retailer Hudson's Bay Co private as "woefully inadequate" on Tuesday, saying the chairman-led shareholder group looking to push through a deal could double the offer. The shareholder group, which collectively owns 57% stake in the struggling retailer, made an offer last week to buy the company for C$9.45 per share, with plans to fund the deal using some of the proceeds from asset sales. Litt, however, said if the buyout group used all the proceeds from asset sales, rather than a part of it, it could raise the offer to C$18 per share.
Shares of the company were up about 1% at C$9.39 in afternoon trading. Hudson's Bay, which also owns Saks Fifth Avenue, said earlier this week it is evaluating a C$1.74 billion ($1.3 billion) take-private cash offer as it competes with discount direct-to-consumer brands and e-commerce behemoths like Amazon.com Inc. The offer was put together by Executive Chairman Richard Baker and the retailer's other shareholders.
TORONTO & NEW YORK-- -- Revenues totaled $2.1 billion, with comparable sales up 0.3%, excluding Home Outfitters and Lord + Taylor currently undergoing a review of strategic alternatives Saks Fifth Avenue comparable sales up 2.4%, continuing to deliver industry-leading results with a two-year stacked comp of 8.4% Saks OFF 5TH returned to growth, with a 4.4% comp in the first quarter Net income of $275 ...
Hudson’s Bay swung into a profit during the first quarter thanks to asset sale gains. HBC, which owns Saks Fifth Avenue along with Lord & Taylor, the US department store chain that it is trying to sell, saw comparable sales drop 2.1 per cent during the three months to May 4.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Hudson's Bay Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The multinational department store conglomerate is downsizing once again -- and its top shareholders want to take the company private.
The company announced a deal to sell its German real estate and retail joint ventures for about $1.5 billion, allowing it to focus more on its core North American business, which includes its eponymous department-store chain and Saks Fifth Avenue. Richard Baker, the company’s chairman and one-time CEO, is part of a coalition that has proposed a cash deal of about about C$1.74 billion ($1.3 billion), or C$9.45 per share, a price the company said would represent a 48% premium over where shares closed on Friday. Nordstrom Inc., a close retailing cousin to Hudson’s Bay, said back in June 2017 that it was exploring a take-private transaction.
Hudson’s Bay Co. has tried everything to appease shareholders, from cutting costs to selling off assets. None of it has halted the stock’s steady decline, so Chairman Richard Baker is stepping in with a cash bid valued at about C$1.74 billion ($1.31 billion) to take the company private. Baker is teaming up with investors, including Rhone Capital LLC and WeWork Property Advisors, to offer C$9.45 a share for the remaining stock of Hudson’s Bay.
Hudson's Bay Co Executive Chairman Richard Baker said on Monday he had teamed up with other shareholders to offer to take the struggling Canadian department store operator private in a C$1.74 billion ($1.3 billion) cash deal. The proposal comes as Hudson's Bay has been shuttering its underperforming shops to cut costs as it competes with discount direct-to-consumer brands and e-commerce behemoths such as Amazon.com Inc. It opens up Baker to investor scrutiny, given that the buyout consortium he put together is made up of shareholders who already own 57% of the company.
The proposal comes as Hudson's Bay has been shuttering its underperforming shops to cut costs as it competes with discount direct-to-consumer brands and e-commerce behemoths such as Amazon.com Inc. It opens up Baker to investor scrutiny, given that the buyout consortium he put together is made up of shareholders who already own 57% of the company. Hudson's Bay said it had set up an independent board committee to evaluate the offer, which is subject to a vote by a majority of shareholders not affiliated with Baker's bid.
HBC (HBC.TO) announced that its Board of Directors has formed a Special Committee of independent directors to review the June 10, 2019 proposal from a group of HBC shareholders for the privatization of the Company at a price of C$9.45 per share, payable in cash. The group disclosed that they collectively own approximately 57% of the outstanding common shares of HBC on an as-converted basis.
Proposed Transaction Delivers Substantial 48% Premium, Provides Immediate and Certain Value to HBC Public Shareholders