New York  — Saks Fifth Avenue parent Hudson’s Bay said on Monday it has agreed to a sweetened offer from a shareholder group led by executive chair Richard Baker to take the struggling Canadian department store chain private.

Baker’s group has offered C$10.30 a share in cash for the 43% of shares it does not own, a premium of about 9% to Friday’s close. Shares were trading below the deal price at $10.05 on Monday morning, indicating that investors so far do not think a higher offer will be made...

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