Hudson’s Bay Co. says its board has formed a special committee of independent directors to review the proposal to take the retailer private. (Photo by THE CANADIAN PRESS)

Shareholder group makes bid to take Hudson’s Bay Co. private at $9.45 per share

TORONTO — A group of Hudson’s Bay Co. shareholders, including executive chairman Richard Baker, is proposing to take the retailer private.

The group, which holds a 57 per cent stake in the company, is offering $9.45 per share in cash for the company.

HBC shares closed at $6.37 on the Toronto Stock Exchange on Friday.

In addition to Baker, the shareholder group includes Rhone Capital LLC, WeWork Property Advisors, Hanover Investments (Luxembourg) SA and Abrams Capital Management LP.

The group says the privatization is conditional on an agreement HBC announced today to sell its remaining stake in its German real estate joint venture and divest its related retail joint venture for $1.5 billion.

HBC says its board has formed a special committee of independent directors to review the proposal.

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