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BRIEF-Hudson's Bay Shareholders Submit Take-Private Proposal

Published 2019-06-10, 12:44 p/m
© Reuters.  BRIEF-Hudson's Bay Shareholders Submit Take-Private Proposal

June 10 (Reuters) -

* SHAREHOLDERS COLLECTIVELY OWNING 57% OF HUDSON'S BAY COMPANY'S OUTSTANDING COMMON SHARES SUBMIT TAKE-PRIVATE PROPOSAL FOR C$9.45 PER SHARE IN CASH

* GROUP OF HUDSON'S BAY SHAREHOLDERS - PROPOSED TAKE-PRIVATE TRANSACTION WILL NOT BE CONTINGENT ON FINANCING

* GROUP OF HUDSON'S BAY SHAREHOLDERS - PURCHASE PRICE EQUAL TO PRICE AGREED BY OTPPB FOR SALE OF ITS BLOCK OF ABOUT 10% SHARES OF HBC

* GROUP OF HUDSON'S BAY SHAREHOLDERS - PROPOSED TRANSACTION CONDITIONED ON RECEIPT OF PROCEEDS FROM SALE OF SOME EUROPEAN JV INTERESTS TO SIGNA

* GROUP OF HUDSON'S BAY SHAREHOLDERS - NOT SUPPORTIVE OF ANY ALTERNATIVE DISTRIBUTION TO SHAREHOLDERS OF PROCEEDS FROM EUROPEAN TRANSACTION.

* GROUP OF HUDSON'S BAY SHAREHOLDERS - SHAREHOLDERS INCLUDE ENTITIES RELATED TO EXECUTIVE CHAIR OF HBC, RHÔNE CAPITAL, WEWORK PROPERTY ADVISORS, AMONG OTHERS

* GROUP OF HUDSON'S BAY SHAREHOLDERS - SHAREHOLDERS ALSO INCLUDE ENTITIES RELATED TO HANOVER INVESTMENTS S.A., ABRAMS CAPITAL MANAGEMENT

* GROUP OF HUDSON'S BAY SHAREHOLDERS - PROPOSED PRIVATIZATION TRANSACTION WOULD BE FUNDED FROM PROCEEDS OF EUROPEAN TRANSACTION, DEBT FINANCING RAISED

* GROUP OF HUDSON'S BAY SHAREHOLDERS - PROPOSED PRIVATIZATION TRANSACTION WOULD ALSO BE FUNDED FROM CONTINUING SHAREHOLDERS' EQUITY INTEREST

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