U.S. investor makes bid for Hudson's Bay Co.

[no1important]

U.S. investor makes bid for Hudson's Bay Co.

A 335-year-old retail institution considered central to Canada's cultural and commercial development may soon be an American's newest business venture.

South Carolina businessman Jerry Zucker's Maple Leaf Heritage Investments made an offer to take control of Hudson's Bay Co. Friday, in a deal that values the historic retailer at $1 billion.

In a letter to HBC CEO George Heller, Zucker presented an offer of $14.75 a share, plus debt. He already controls about 18.8 per cent of HBC shares.


*Well that would be an end of an era and sad, just like when my favourite store Woodwards closed but with all the competition and other specialty box stores I guess it is hard to avoid.

 

[zenfisher]

Hmmm....I smell a rat here. I'm betting there may be a quick sales to Sears after Zucker buys it.

 

[Ocean Breeze]

Just watched this bit on the news........and the reactions seems mixed. Mostly sad.

 

[missile]

It's called a Hostile Takeover..and certainly, I'm very hostile to the whole thing

 

[coldstream]

It used to be owned by British trade interests who generally chiselled their suppliers (mostly Indians trappers) with trinkets, and shipped their produce to Europe. Now it'll be owned by Americans, big deal. It's always been a kind of colonial enterprise. I'm not sure if they're still publishers of the The Beaver, a Canadian history magazine. If they are that is their sole nod to Canadian nationalism these days. Maybe the new ownership will get back to calling their stores 'The Hudson Bay Company' which has lots of history and resonance, much better than the vapid name 'The Bay', a product of modernist reductive marketing gimmicks of the 1960s.