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HudsonB´ÎÔª¹ÙÍøÍøÖ·™s Bay executive leads bid to take retailer private

HudsonB´ÎÔª¹ÙÍøÍøÖ·™s Bay has struggled to adapt to a changing retail landscape
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FILE - In this Feb. 20, 2019, file photo a mannequin wears a red dress inside the Saks Fifth AvenueB´ÎÔª¹ÙÍøÍøÖ·™s flagship midtown Manhattan store in New York. A group of shareholders of Saks Fifth AvenueB´ÎÔª¹ÙÍøÍøÖ·™s parent is making an offer to take the struggling department store chain private. The offer was announced Monday, June 10. (AP Photo/Kathy Willens, File)

A group of shareholders of Saks Fifth AvenueB´ÎÔª¹ÙÍøÍøÖ·™s parent is making an offer to take the struggling department store chain private.

The offer, announced Monday, is being led by HudsonB´ÎÔª¹ÙÍøÍøÖ·™s Bay Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors, Hanover Investment SA and Abrams Capital Management. The proposal values the company at 9.45 Canadian dollars ($7.12) per share in cash. ThatB´ÎÔª¹ÙÍøÍøÖ·™s a 48% premium to the companyB´ÎÔª¹ÙÍøÍøÖ·™s closing share price on the Toronto Stock Exchange on Friday.

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

The offer is conditioned in part on the $1.5 billion sale announced Monday of HudsonB´ÎÔª¹ÙÍøÍøÖ·™s remaining half of its interest in its European business.

Like many department stores, HudsonB´ÎÔª¹ÙÍøÍøÖ·™s Bay has struggled to adapt to a changing retail landscape.

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Anne DB´ÎÔª¹ÙÍøÍøÖ·™Innocenzio, The Associated Press


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