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Hudson’s Bay Chairman Builds Team to Offer $1.3 Billion to Go Private

Photo Credit: www.bargainmoose.ca via Flickr cc

Hudson’s Bay Executive Chairman Richard Baker and other shareholders have offered the company $1.3 billion to go private. The offer comes as the retailer continues to struggle and shutter stores. The offer won’t come without scrutiny, since the shareholders in question already own 57 percent 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.

Read more at Reuters.