- Activist shareholder Jonathan Litt has reportedly criticized C$1.74B take over bid Hudson’s Bay (OTCPK:HBAYF -2.9%) as “woefully inadequate”.
- The chairman-led shareholder group that owns 57% stake in the company, plans to fund the deal using some of the proceeds from asset sales; however, Litt said that if the entire asset sale proceeds were used, rather than a part of it, offer could be raised to C$18/share from C$9.45.
- In 2018, members of Nordstrom's founding family offered $8.4B, but abandoned the bid after Nordstrom’s board rejected it.
- Previously: Hudson's Bay lands go-private offer (June 10)