Pressure is mounting on Richard Baker, executive chairman of Hudson’s Bay Co., to increase his bid to take the retailer private – or put the entire company up for sale.
Jonathan Litt, founder of Land & Buildings, said in a letter on Tuesday to HBC’s special committee reviewing the proposal that the go-private offer should be raised to $18 a share, almost twice the current $9.45-a-share proposal. However, Mr. Litt countered that the OTPP transaction should not be dropped. It means that the OTPP becomes part of the minority shareholders who vote on the privatization offer. “Land & Buildings intends to pursue every means necessary to ensure a fair shareholder vote if the special committee deems OTPP to constitute a minority shareholder for purposes of voting” on the offer, he said.Mr. Litt said Mr.
As an increasing number of analysts suggest the go-private proposal is inadequate, some HBC minority shareholders are quietly pushing for a higher offer to reflect what they think is the steep value of HBC’s real estate, including its coveted building in Manhattan that houses its flagship Saks Fifth Avenue store.
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