Zucker 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.”
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