|Bid||10.94 x 0|
|Ask||10.95 x 0|
|Day's Range||10.93 - 10.95|
|52 Week Range||6.22 - 10.96|
|Beta (5Y Monthly)||1.66|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar. 31, 2020 - Apr. 05, 2020|
|Forward Dividend & Yield||0.05 (0.46%)|
|Ex-Dividend Date||Dec. 29, 2019|
|1y Target Est||11.10|
Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") today announced that proxy advisory firms Institutional Shareholder Services ("ISS"), Glass Lewis, and Egan-Jones have all recommended that HBC shareholders vote "FOR" the transaction in which HBC will become a private company owned by certain continuing shareholders (the "Continuing Shareholders") and the Company’s other shareholders (the "Minority Shareholders") will receive $11.00 per share in cash. The Special Meeting of Shareholders (the "Special Meeting") to approve the transaction will be held at The Arcadian Loft, 8th Floor, 401 Bay Street, Toronto, Ontario, on February 27, 2020 at 10:00 a.m.
HBC (TSX: HBC) appointed Paige Thomas as President of Saks OFF 5TH, effective immediately. Ms. Thomas is a highly-regarded, results-oriented executive, with extensive experience growing and leading retail businesses, particularly in the off-price segment.
TORONTO — The board of directors of Hudson's Bay Co. has unanimously recommended shareholders support a sweetened offer to take the retailer private.The recommendation is included in the company's amended and restated management information circular.The board support follows the endorsement of the buyout plan by a special committee of the board earlier this year.HBC announced Jan. 3 that a shareholder group headed by executive chairman Richard Baker raised its going-private offer to $11 per share, winning the backing of rival shareholder Catalyst Capital Group, which had opposed an earlier offer of $10.30 per share.The deal needs at least 75 per cent of the votes cast by all shareholders and at least a simple majority of votes by minority shareholders, including Catalyst.The shareholder vote is set for Feb. 27.This report by The Canadian Press was first published Jan. 31, 2020.Companies in this story: (TSX:HBC)The Canadian Press
Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company") today announced it has filed an Amended and Restated Management Information Circular (the "Circular") in connection with the special meeting of shareholders (the "Special Meeting") to be held at The Arcadian Loft, 8th Floor, 401 Bay Street, Toronto, Ontario, on February 27, 2020. In order for votes to be counted, shareholders as of the new record date of January 27, 2020 must recast any votes cast in connection with the special meeting of shareholders that had been scheduled for December 17, 2019.
TORONTO — A special committee of Hudson Bay's board is reaffirming its endorsement of a buyout of shares to take the company private after receiving an updated valuation, one of the conditions of a deal that was announced earlier this month.On Jan. 3, the company that owns the chain of department stores announced a group headed by executive chairman Richard Baker raised its going-private offer to $11 per share, satisfying Catalyst Capital Group, its leading rival shareholder which controls about 17.5 per cent of the company's common shares.Catalyst said that one condition was that TD Securities Inc. provide a new formal valuation of Hudson's Bay Co. prior to a vote and that "the lower end of the range of the fair market value of the HBC Shares is equal to or less than $11."In a news release Monday, HBC said the updated valuation determined that, as of that day, the fair market value of the common shares of HBC ranged between $9.75 and $12 per common share.The release says that TD Securities determined that the payment to the common shareholders of HBC "is fair, from a financial point of view, to such shareholders."A vote on the transaction will be held at special meeting of shareholders on February 27, and to pass it will need at least 75 per cent of the votes cast by all shareholders and at least a simple majority of votes by minority shareholders, including Catalyst.This report by The Canadian Press was first published Jan. 27, 2020.Companies in this story: (TSX:HBC)The Canadian Press
Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company") today announced that it has received the updated valuation it had requested from its independent valuator, TD Securities Inc. ("TD Securities"), as well as new fairness opinions provided by J.P. Morgan, Centerview Partners LLC ("Centerview Partners") and TD Securities. Accordingly, the Special Committee (the "Special Committee") of the HBC Board of Directors (the "Board") has reaffirmed its unanimous recommendation to the Board that the privatization transaction with a group of existing shareholders (the "Continuing Shareholders") is in the best interests of the Company and fair to the Company’s other shareholders (the "Minority Shareholders"). The Board (excluding conflicted directors) recommends that Minority Shareholders vote in favour of the transaction at the special meeting of shareholders to be held on February 27, 2020 to approve the transaction.
Hudson's Bay Co. appointed a little-known executive from abroad to lead the company's Hudson's Bay department store chain after a months-long global search.The retailer announced Iain Nairn started as Hudson's Bay president Sunday.He takes over for Alison Coville, who stepped down in February 2019. At the time, the company did not give a reason for her departure.Nairn comes to HBC from kikki.K, a global design and stationary business where he served as CEO.Prior to that he worked as the chief executive of David Jones, an Australian department store chain founded in 1838. He worked there for a year and a half, according to his LinkedIn profile.Both previous positions were based in Australia."It's my first role in Canada," said Nairn, who moved to Toronto before starting the new role. He likened the Toronto atmosphere to that in Australia, saying the people are open and personable.HBC chief executive Helena Foulkes views Nairn's life abroad — he grew up in the United Kingdom and lived for about the last 15 years in Australia —as a strength."I am excited that he brings a really global perspective," she said.The company took its time searching for Coville's replacement, said Foulkes."We looked across the globe. We were looking at leaders from many different countries, but also many different backgrounds. We looked at digital native type leaders, specialty store leaders. We didn't really have any preconceived notions of what we were looking for," she said, adding that Nairn "gets" the brand.She said he has a strong leadership quality with high energy and is a great listener."All of those are things you don't see on a resume, but at the end of the day were the differentiators for us as we made this decision to bring him on board."Nairn said he's been exposed to department stores since the beginning of his career and is excited to build on the work the HBC team has done so far."I think they've done a great job to date, to be honest," he said, outlining work on the company's e-commerce platform.During the company's last quarterly earnings call, Foulkes said the company has been focused on fixing fundamentals in this area, including site speed and streamlining the checkout process.Nairn joins the company as HBC looks to complete a privatization deal.Earlier this month, the company announced it entered into a deal with a group led by executive chairman Richard Baker to take the company private for $11 per share. The amended offer is $1.55 higher than the group's initial $9.45 per share bid.The amended offer also won the approval of dissident shareholder Catalyst Capital Group Inc., which controls about 17.5 per cent of the company's common shares. It entered into a voting and support agreement with HBC and the continuing shareholders behind the bid. Catalyst retains the right to withdraw its support under certain circumstances.Nairn said whether the company remains public or becomes private doesn't make much of a difference to his role.The strategy will remain the strategy, he said.Foulkes agreed the go private deal likely won't have much of an impact on Nairn."If anything, he won't have the pressure of quarterly earnings and can really focus his team on what are the right moves for the long run."This report by The Canadian Press was first published Jan. 13, 2020.— With files from Tara DeschampsCompanies in this story: (TSX:HBC)Aleksandra Sagan, The Canadian Press
Hudson’s Bay Company (TSX: HBC) today announced that Iain Nairn has been appointed President, Hudson’s Bay, effective January 12th, 2020. A highly-accomplished retail executive, Mr. Nairn has a remarkable track record of driving profitable growth and transformational change at a wide variety of retailers, from specialty to department store formats. He reports directly to Helena Foulkes, CEO, HBC.
There are two TSX market movers in Canada that you should undoubtedly add to your list of stocks to buy in January including BlackBerry Ltd (TSX:BB)(NYSE:BB).
Shares in Hudson's Bay Co. jumped nearly 10 per cent in Monday trading after a deal that appeared to put a months-long privatization battle to rest.HBC shares closed up 96 cents, or 9.72 per cent, to $10.84 on the Toronto Stock Exchange Monday.The lift came after a group led by HBC executive chairman Richard Baker boosted its privatization offer for the retailer to $11 per share late Friday night.The amended offer won the approval of dissident shareholder Catalyst Capital Group Inc., which controls about 17.5 per cent of the company's common shares. The minority shareholder entered into a voting and support agreement with HBC and the continuing shareholders behind the privatization offer.Catalyst is "pleased" to support this offer, which is "well above" the Baker-led group's first proposed price of $9.45 per share, said Gabriel de Alba, managing director and partner of Catalyst, in a statement released Friday.The private equity investment firm had made several moves to block the Baker group, including a counter offer of $11 per share and a successful trip to the Ontario Securities Commission, which directed HBC and the Baker group to provide more information before holding a shareholder vote.That vote is now expected to be held in February. For the Baker group to succeed, it will need to obtain at least 75 per cent of the votes cast by all shareholders and a simple majority of votes cast by minority shareholders, including Catalyst.Catalyst said it has the right to withdraw its support under certain circumstances, including if HBC does not file its amended management information circular and mail it to shareholders by Feb. 14.David Leith, chairman of a special committee of HBC's board of directors formed to review Baker's initial privatization bid and other offers, said he "would like to commend Catalyst on their constructive approach to getting a transaction agreed, which we believe is in the best interests of the company and minority shareholders."Mark Petrie, a CIBC World Markets analyst, wrote in a note Monday that the amended deal and agreement with Catalyst "removes the final roadblock to the go-private transaction."CIBC believes no competing bids are forthcoming and raised its price target for the company's shares from $10.25 to $11.A potential roadblock remains in a lawsuit filed at the Ontario Superior Court in early December.New York-based investment manager Ortelius Advisors L.P. and Pangaea Ventures L.P., an HBC shareholder, filed the suit against HBC, Baker and Rupert Acquisition L.L.C., which represents the continuing shareholders.The suit attempts to block the privatization bid.It alleges the offer is underpriced and that "the defendants have deliberately engaged in actions that have prevented a fair expression of HBC's market price through the deliberate timing of disclosures, misleading information and a structured bid that permits no competition," according to the document.None of the claims has been proven in court.A spokesperson for Ortelius said the firm is still proceeding with the litigation despite the development Friday.A representative for the Baker-led group said in a statement that they "have no additional comment at this time."This report by The Canadian Press was first published Jan. 6, 2020.Companies in this story: (TSX:HBC)Aleksandra Sagan, The Canadian Press
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:Toronto Stock Exchange (17,105.47, up 39.35 points.)The Toronto-Dominion Bank. (TSX:TD). Financials. Up one cent, or 0.01 per cent, to $73.37 on 8.4 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Down 14 cents, or 5.38 per cent, to $2.46 on 8.1 million shares.Hudson's Bay Company. (TSX:HBC). Consumer discretionary. Up 96 cents, or 9.72 per cent, to $10.84 on 8 million shares.Baytex Energy Corp. (TSX:BTE). Energy. Up 14 cents, or 7.18 per cent, to $2.09 on 7.7 million shares.Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up 40 cents, or 0.96 per cent, to $41.97 on 5.2 million shares.Encana Corp. (TSX:ECA). Energy. Up 14 cents, or 2.26 per cent, to $6.34 on 4.8 million shares. Companies in the news:Hudson's Bay Co. (TSX:HBC). Shares in Hudson's Bay Co. jumped after a deal that appeared to put a months-long privatization battle to rest. The lift came after a group led by HBC executive chairman Richard Baker boosted its privatization offer for the retailer to $11 per share late Friday night. The amended offer won the approval of dissident shareholder Catalyst Capital Group Inc., which controls about 17.5 per cent of the company's common shares. The minority shareholder entered into a voting and support agreement with HBC and the continuing shareholders behind the privatization offer.Newmont Corp. (TSX:NGT). Up 40 cents to $56.09. Newmont Corp. is boosting its quarterly dividend by 79 per cent while also dropping reference to Canadian company Goldcorp as part of a centenary-year rebranding. The Denver-based company says the dividend will increase to 25 cents per share. It was only in April last year that Newmont changed its name to Newmont Goldcorp Corp. after it closed a takeover of the Vancouver-based company in a US$10 billion all-stock deal. Newmont says its name is well recognized after almost a 100 years in operation, and that the update represents a natural step for the transformed company.Nutrien Ltd. (TSX:NTR). Up 46 cents to $61.30. Nutrien Ltd. says it has signed a deal to buy Brazilian company Agrosema Comercial Agricola Ltda. Financial terms of the deal were not immediately available. Nutrien says Agrosema has annual sales of roughly US$60 million across 12 farm centres with approximately 200 employees. The company says the acquisition complements its current retail operations in Brazil. Nutrien Ag Solutions has two main operations in Brazil including a central fertilizer blending facility in Itapetininga and six additional facilities. The company also owns Agrichem, which produces specialty liquid fertilizers in Brazil.This report by The Canadian Press was first published Jan. 6, 2020.The Canadian Press
TORONTO — A battle for control of the company that owns the Hudson's Bay and Saks Fifth Avenue retail chains seems to have ended with a victory for the Catalyst Capital Group, which has fought for months to get a better price from a shareholders group led by HBC executive chairman Richard Baker.Based on the latest offer, HBC's equity would be worth roughly $2 billion, about 11 per cent higher than its recent trading value on the Toronto Stock Exchange.Hudson's Bay Co. said Friday that Baker's group has raised its offer by 70 cents or 6.8 per cent, to $11 per share cash, and that Catalyst has conditionally agreed to sell its shares at that price.Catalyst said in a statement that it has the right to withdraw its support under certain circumstances, but indicated it was pleased with the higher price on the table.The new price "delivers significantly more value for all minority shareholders, well above the original proposal of $9.45 per share," Catalyst partner Gabriel de Alba said in a statement. The Baker group had raised its original offer offer to $10.30 per share in response to opposition but Catalyst had enough stock — 17.5 per cent of the total — to prevent a complete takeover that will allow the continuing shareholders to delist HBC from the public stock market.Catalyst had used various techniques to block the Baker group, including making a counter offer of $11 per share and a successful trip to the Ontario Securities Commission, which directed HBC and the Baker group to provide more information before holding a shareholder vote.That vote is now expected to be held in February. For the Baker group to succeed, it will need to obtain at least 75 per cent of the votes cast by all shareholders and at least a simple majority of votes by minority shareholders, including Catalyst.David Leith, chair of the committee considering the offers, said the new price provides minority shareholders with "compelling and immediate" value."I would like to commend Catalyst on their constructive approach to getting a transaction agreed which we believe is in the best interests of the company and the minority shareholders," Leith said in a statement.Despite the overall agreement between the warring factions, there are some conditions that would allow Catalyst to retract its support.Catalyst said that one condition is that TD Securities Inc. provides a new formal valuation of Hudson's Bay Co. prior to the vote and that "the lower end of the range of the fair market value of the HBC Shares is equal to or less than $11."The deal also requires HBC to mail and electronically post an amended management circular by Feb. 14 and that language in the circular complies with an OSC order issued Dec. 18.Friday's announcement comes days after there was an unconfirmed report of a deal that sent HBC shares soaring briefly above $10 on Tuesday. They closed Friday at $9.88 at the Toronto Stock Exchange.This report by The Canadian Press was first published Jan. 4, 2020.Companies in this story: (TSX:HBC)David Paddon, The Canadian Press
TORONTO , Jan. 3, 2020 /CNW/ - The Catalyst Capital Group Inc., on behalf of investment funds managed by it, (" Catalyst ") today announced that it has entered into a voting and support agreement ...
Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company") today announced that it has entered into an amended arrangement agreement (the "Amended Arrangement Agreement") with a group of existing shareholders (the "Continuing Shareholders") under which the HBC common shares held by the Company’s other shareholders (the "Minority Shareholders") will be acquired by HBC for $11.00 in cash per share.
TORONTO — Hudson's Bay Co. says its chief financial officer will return from a medical leave tomorrow.HBC says in a statement Ed Record will resume his duties effective Dec. 20.Becky Roof will step down as interim CFO on his return.Record left in mid-June for a medical leave of absence.The company did not provide any additional information on his condition at the time.HBC says it appreciates Roof's contribution while Record was on leave.This report by The Canadian Press was first published Dec. 19, 2019.Companies in this story: (TSX:HBC)The Canadian Press