Hudson’s Bay Co said on Monday it has agreed to a higher offer from a group of shareholders led by its Executive Chairman Richard Baker to take the struggling Canadian department store chain private. The deal comes at a time when the owner of luxury department store chain Saks Fifth Avenue has been closing underperforming stores to cut costs as it competes with discount direct-to-consumer brands and Amazon.com Inc. Baker’s first bid was opposed by shareholders including activist investor John Litt who called the offer “woefully inadequate”. …read more
Source:: Yahoo Finance
