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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now