a group of shareholders led by HBC executive chairman Richard Baker group, which holds about a 57 per cent in the retailer, has agreed to pay $10.30 per share in cash to take HBC private.
The bid is nine per cent higher than an earlier offer of $9.45 per share by the group, following objections from two dissident shareholders -- Toronto-based Catalyst Capital and Land & Buildings Investment Management of Stamford, Conn.The Baker group's revised offer price represents a premium of 62 per cent compared with where the shares were trading before the shareholder group's initial privatization proposal announced June 10, according the HBC board.
The board said the Baker-led group's offer provides minority shareholders with "immediate and certain value" that will expected to be higher than in the foreseeable future. "The department store and specialty retail competitive landscape continues to evolve rapidly and the company will be required to invest substantial capital and resources to remain relevant to its customers and successfully compete."
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