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Sard Verbinnen Fends Off Bid for Saks Fifth Ave. Parent
From:
O'Dwyer's Public Relations News O'Dwyer's Public Relations News
For Immediate Release:
Dateline: New York , NY
Tuesday, December 03, 2019

 

Sard Verbinnen & Co. is working for the special committee of Canadian retailer Hudson's Bay Co.'s board, which has rejected an $11 per-share unsolicited takeover bid from private equity firm Catalyst Capital Group. in favor of a $10.30 offer from a group led by executive chairman Richard Baker.

HBC

The committee made its decision after the Baker-group, owner of 57 percent of HBC, said it would not tender its shares to Catalyst, which controls 17.5 percent of the parent of Saks Fifth Avenue.

Since the Catalyst transaction requires a vote of 75 percent of the tallies cast at the December 17 shareholder meeting, the private equity bid is "incapable of being completed," according to the special committee.

SV&C's Liz Zale, Paul Scarpetta and Meghan Gavigan represent the special committee.

Founded in 1670, HBC is North America's oldest company. After unloading Lord & Taylor last month, the company runs 250 Hudson's Bay, Saks Fifth Ave and Saks OFF 5th stores.

 
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