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tyresiasZucker has bought HBC for $15.25 a share.
The Bay, Zellers, Home Outfitters, Designer Depot, Fields... None of it is Canadian.
I have no idea at this point in time what it will mean for my job in the longterm.
Here's the press release:
Hbc Reaches Agreement with Maple Leaf Heritage Investments Acquisition Corporation
All cash offer to acquire Hbc increased to $15.25 per share - Conditions significantly reduced
TORONTO (January 26, 2006) – The Board of Directors of Hudson's Bay Company (Hbc) has unanimously endorsed an agreement with Maple Leaf Heritage Investments Acquisition Corporation (MLHI), in which MLHI will provide an amended all-cash offer for all outstanding common shares at an increased price of CDN $15.25 per share. The amended offer will expire at 5:00 EST on February 24, 2006 unless extended.
MLHI has also made an all-cash offer for all of the outstanding 7.5% convertible unsecured subordinated debentures due December 1, 2008 of Hbc at a price of CDN $1,010 for each CDN $1,000 principal amount of debentures, plus accrued and unpaid interest to the date the debentures are taken up under the debenture offer.
“The Board has conducted a thorough process to maximize value for the shareholders of Hbc, and after considering several offers for the Company, has unanimously endorsed and is recommending that shareholders tender to the amended offer from Maple Leaf Heritage Investments Acquisition Corporation,” said Yves Fortier, Governor of Hudson's Bay Company.“We are satisfied that the amended offer constitutes full and fair value for the Company.”
"We are pleased to have reached this agreement with Hbc today and to be associated with a Company with such a long and proud history. As the Company's largest shareholder for more than two years, we are aware of the tremendous opportunities available to Hbc. We look forward to working with management and associates to build upon the Company's strong position and dynamic growth opportunities. We are committed to enhancing our customers' shopping experience through a substantially greater focus on service and revitalizing the spirit of the organization. Through the implementation of more efficient methods we will positively differentiate Hbc from its competitors," said Jerry Zucker, Chairman, President and CEO of MLHI.
MLHI will mail the amended offer by February 10, 2006. The Board of Directors of Hbc will issue an amended Directors’ Circular recommending that Hbc shareholders accept the amended offer.
The conditions to the MLHI offer have been significantly reduced.The amended offer is conditioned upon a number of matters including compliance by Hbc with the agreement entered into with MLHI, a minimum of 662/3% of the shares of Hbc being tendered, tender of a majority of Hbc’s unsecured subordinated debentures under the offer therefore, and the receipt of all necessary regulatory approvals, including approval under the Investment Canada Act.
“On behalf of the management of Hbc, we are pleased with the outcome of the auction process and fully support Mr. Zucker’s enhanced offer,” said George Heller, President and CEO of Hbc. “We are anxious to get to work with Mr. Zucker on realizing the value that we know is inherent in this great Company.I would like to thank the 70,000 associates of Hbc for staying focused and continuing our great tradition of serving our customers throughout this period.”
On October 28, 2005, MLHI announced that it intended to make all-cash offers for all outstanding common shares of Hbc and all outstanding 7.5% convertible unsecured subordinated debentures.Following commencement of the offers on November 10, 2005, Hbc initiated a value maximization process involving several interested parties.On December 20, 2005 MLHI and Hbc entered into a confidentiality agreement in an effort to provide MLHI with access to non-public information on equal terms with other interested parties and thereby facilitating the amended offers.
MLHI has arranged committed bank financing of CDN $1.7 billion from Wells Fargo Retail Finance LLC and ABN AMRO Bank N.V. and its subsidiary LaSalle Business Credit, LLC in connection with the funding of its offers.
About MLHI
MLHI, is an indirect subsidiary of True North Retail Investments I, Inc. (True North I), which is wholly owned by Jerry Zucker. Mr. Zucker is the Chairman, President and CEO of MLHI, True North I and The InterTech Group, Inc.
About Hbc
Hudson's Bay Company, established in 1670, is Canada's largest department store retailer and oldest corporation. The Company provides Canadians with the widest selection of goods and services available through retail channels that include 550 stores led by the Bay, Zellers and Home Outfitters chains. Hudson's Bay Company employs nearly 70,000 associates and has operations in every province in Canada.
The Bay, Zellers, Home Outfitters, Designer Depot, Fields... None of it is Canadian.
I have no idea at this point in time what it will mean for my job in the longterm.
Here's the press release:
Hbc Reaches Agreement with Maple Leaf Heritage Investments Acquisition Corporation
All cash offer to acquire Hbc increased to $15.25 per share - Conditions significantly reduced
TORONTO (January 26, 2006) – The Board of Directors of Hudson's Bay Company (Hbc) has unanimously endorsed an agreement with Maple Leaf Heritage Investments Acquisition Corporation (MLHI), in which MLHI will provide an amended all-cash offer for all outstanding common shares at an increased price of CDN $15.25 per share. The amended offer will expire at 5:00 EST on February 24, 2006 unless extended.
MLHI has also made an all-cash offer for all of the outstanding 7.5% convertible unsecured subordinated debentures due December 1, 2008 of Hbc at a price of CDN $1,010 for each CDN $1,000 principal amount of debentures, plus accrued and unpaid interest to the date the debentures are taken up under the debenture offer.
“The Board has conducted a thorough process to maximize value for the shareholders of Hbc, and after considering several offers for the Company, has unanimously endorsed and is recommending that shareholders tender to the amended offer from Maple Leaf Heritage Investments Acquisition Corporation,” said Yves Fortier, Governor of Hudson's Bay Company.“We are satisfied that the amended offer constitutes full and fair value for the Company.”
"We are pleased to have reached this agreement with Hbc today and to be associated with a Company with such a long and proud history. As the Company's largest shareholder for more than two years, we are aware of the tremendous opportunities available to Hbc. We look forward to working with management and associates to build upon the Company's strong position and dynamic growth opportunities. We are committed to enhancing our customers' shopping experience through a substantially greater focus on service and revitalizing the spirit of the organization. Through the implementation of more efficient methods we will positively differentiate Hbc from its competitors," said Jerry Zucker, Chairman, President and CEO of MLHI.
MLHI will mail the amended offer by February 10, 2006. The Board of Directors of Hbc will issue an amended Directors’ Circular recommending that Hbc shareholders accept the amended offer.
The conditions to the MLHI offer have been significantly reduced.The amended offer is conditioned upon a number of matters including compliance by Hbc with the agreement entered into with MLHI, a minimum of 662/3% of the shares of Hbc being tendered, tender of a majority of Hbc’s unsecured subordinated debentures under the offer therefore, and the receipt of all necessary regulatory approvals, including approval under the Investment Canada Act.
“On behalf of the management of Hbc, we are pleased with the outcome of the auction process and fully support Mr. Zucker’s enhanced offer,” said George Heller, President and CEO of Hbc. “We are anxious to get to work with Mr. Zucker on realizing the value that we know is inherent in this great Company.I would like to thank the 70,000 associates of Hbc for staying focused and continuing our great tradition of serving our customers throughout this period.”
On October 28, 2005, MLHI announced that it intended to make all-cash offers for all outstanding common shares of Hbc and all outstanding 7.5% convertible unsecured subordinated debentures.Following commencement of the offers on November 10, 2005, Hbc initiated a value maximization process involving several interested parties.On December 20, 2005 MLHI and Hbc entered into a confidentiality agreement in an effort to provide MLHI with access to non-public information on equal terms with other interested parties and thereby facilitating the amended offers.
MLHI has arranged committed bank financing of CDN $1.7 billion from Wells Fargo Retail Finance LLC and ABN AMRO Bank N.V. and its subsidiary LaSalle Business Credit, LLC in connection with the funding of its offers.
About MLHI
MLHI, is an indirect subsidiary of True North Retail Investments I, Inc. (True North I), which is wholly owned by Jerry Zucker. Mr. Zucker is the Chairman, President and CEO of MLHI, True North I and The InterTech Group, Inc.
About Hbc
Hudson's Bay Company, established in 1670, is Canada's largest department store retailer and oldest corporation. The Company provides Canadians with the widest selection of goods and services available through retail channels that include 550 stores led by the Bay, Zellers and Home Outfitters chains. Hudson's Bay Company employs nearly 70,000 associates and has operations in every province in Canada.
