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HBC chairman leads take-private bid

June 10, 2019 / Daphne Howland

A number of Hudson's Bay Company shareholders who collectively own about 57% of its outstanding common shares on Monday submitted a proposal to take the department store conglomerate private for 9.45 Canadian dollars per share ($7.12 at Monday's exchange rate), payable in cash, according to a company press release. The group includes HBC Governor and Executive Chairman Richard Baker; private equity firms Rhône Capital L.L.C., Hanover Investments (Luxembourg) S.A. and Abrams Capital Management, L.P.; and coworking startup WeWork Property Advisors. WeWork bought HBC's Lord & Taylor flagship this year for $850 million.