Toronto, The Hudson’s Bay Co. board of directors unanimously endorsed an amended bid from the Maple Leaf Heritage Investments Acquisition Corp. for the company’s shares, bringing Canada’s oldest company into the hands of American businessman Jerry Zucker. The deal is estimated at $1.3 billion (C$1.5 billion).
“On behalf of the management of HBC, we are pleased with the outcome of the auction process and fully support Mr. Zucker’s enhanced offer,” said president and CEO George Heller. “We are anxious to get to work with Mr. Zucker on realizing the value that we know is inherent in this great company.”
Zucker’s Maple Leaf Heritage Investments Acquisition Corp. boosted its previous all-cash takeover offer to $15.25 a share, or more than $1.06 billion, plus assumed debt. Hudson’s Bay had previously rejected as inadequate the firm’s initial offer of $14.75 per share plus debt.