Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Hudson's Bay special committee "disappointed" with ISS recommendation

Published 2019-12-09, 08:55 a/m
Updated 2019-12-09, 09:01 a/m
© Reuters.  Hudson's Bay special committee "disappointed" with ISS recommendation

Dec 9 (Reuters) - Hudson's Bay Co's HBC.TO special committee said on Monday it was disappointed with proxy adviser Institutional Shareholder Services' recommendation to vote against the takeover bid by a consortium led by the retailer's chairman, Richard Baker.

"We are disappointed by the ISS recommendation and the errors and flawed rationale of ISS," said David Leith, chair of the retailer's special committee that negotiated the deal with Baker's group. last week recommended shareholders to vote against the Baker-led consortium's C$1.9 billion deal, which was topped by Toronto-based buyout firm Catalyst Capital Group Inc. special committee in November had rejected Catalyst's offer saying it was not "superior". Bay shareholders are set to vote on the deal with Baker on Dec. 17. Baker's consortium, which holds a 57% stake in the company, will be excluded from the vote.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.