Saks Fifth Avenue owner Hudson’s Bay Co. has agreed with a group of private shareholders to be taken private in a deal under which the company will buy stocks for C$11 ($8.46) apiece in cash.
Catalyst Capital Group, Hudson’s Bay’s largest minority shareholder, has agreed to vote in favor of the deal, the retailer said in its statement on Friday.
It added that a special meeting of shareholders to approve the transaction will be held next month.
A consortium of Hudson’s Bay investors led by its executive chairman Richard Baker approached the retailer’s minority stockholders, including bidding rival Catalyst Capital, to potentially raise their take-private bid to around C$11 per share, from C$10.30, a source said last month.
The new take-private bid values the retailer at about C$2 billion ($1.5 billion).