Hudson’s Bay, the owner of Saks Fifth Avenue, is being taken private by a group of its shareholders. (Photo by THE ASSOCIATED PRESS)

Hudson’s Bay, the owner of Saks Fifth Avenue, is being taken private by a group of its shareholders. (Photo by THE ASSOCIATED PRESS)

Hudson’s Bay being taken private by shareholder group

NEW YORK — The owner of Saks Fifth Avenue is being taken private by a group of its shareholders.

Hudson’s Bay said Monday that its common shares will be purchased for 10.30 Canadian dollars ($7.86) per share in cash. The shareholder group, which includes Hudson’s Bay Executive Chairman Richard Baker, initially proposed in June a buyout offer of 9.45 Canadian dollars ($7.21) per share.

The shareholder group together own 57% of the Canadian company.

In August Hudson’s Bay Co. agreed to sell Lord & Taylor to rental clothing company Le Tote Inc. for $100 million. Earlier this month it completed the sale of its European real estate and joint ventures.

Like many department stores, Hudson’s Bay has struggled to adapt to a dramatic shift to online shopping.

By The Associated Press

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