Hudson’s Bay Co Chairman Richard Baker and his partners are contemplating increasing their bid to take the company private, according to an insider. The consortium has reached out to minority shareholders, including rival Catalyst Capital, with the possibility of raising their offer from C$10.30 per share to approximately C$11. However, it should be noted that the offer is not yet finalized.
Just recently, news broke that the Baker-led buyout group did not obtain enough votes from other shareholders of the company before the December 13 deadline. Hudson’s Bay has not provided any comment regarding the potential improved bid.
Following this development, the stock of Hudson’s Bay, which is known for owning Saks Fifth Avenue, surged by 18% to reach C$9.64.