HBC says three proxy advisers recommend shareholders back privatization deal

TORONTO – Hudson’s Bay Co. says three proxy advisory firms have recommended shareholders vote in favour of a plan to take the retailer private.

The company says Institutional Shareholder Services, Glass Lewis and Egan-Jones have all recommended that HBC shareholders back the deal.

HBC announced last month 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 board of directors of HBC has unanimously recommended shareholders support the sweetened offer.

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 Feb. 18, 2020.