HBC privatization bid approved
Shareholders of Canadian retailer Hudson's Bay Co. voted overwhelmingly to approve a privatization of the firm, following a contentious months-long takeover battle. The $2 billion take-private transaction led by HBC executive chairman Richard Baker was approved by more than 98 per cent of shareholders who voted. In an interview, Baker said his group paid more than they expected to privatize the retailer because hedge fund Catalyst Capital mounted a public challenge opposing the transaction.
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