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BRIEF-HBC Board Receives Updated Valuation FROM TD Securities Inc

Published 2020-01-27, 07:11 p/m
© Reuters.  BRIEF-HBC Board Receives Updated Valuation FROM TD Securities Inc
HBC
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Jan 27 (Reuters) - Hudson's Bay Co HBC.TO :

* HBC BOARD OF DIRECTORS RECEIVES UPDATED VALUATION AND REAFFIRMS RECOMMENDATION THAT SHAREHOLDERS VOTE FOR PRIVATIZATION TRANSACTION

* HAS RECEIVED UPDATED VALUATION IT HAD REQUESTED FROM ITS INDEPENDENT VALUATOR, TD SECURITIES INC

* HAS RECEIVED NEW FAIRNESS OPINIONS PROVIDED BY JP MORGAN, CENTERVIEW PARTNERS LLC AND TD SECURITIES

* BOARD (EXCLUDING CONFLICTED DIRECTORS) RECOMMENDS THAT MINORITY SHAREHOLDERS VOTE IN FAVOUR OF TRANSACTION

* UPDATED FORMAL VALUATION DETERMINED THAT, AS OF JAN 27, FAIR MARKET VALUE OF SHARES OF HBC RANGED BETWEEN $9.75/SHARE & $12/SHARE

* TRANSACTION IS STRUCTURED AS A PURCHASE FOR CANCELLATION OF COMMON SHARES BY HBC

* HBC'S CURRENT ESTIMATE IS THAT PAID-UP CAPITAL IS APPROXIMATELY $7.26 PER COMMON SHARE

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