Investor Eyes Hudson’s Bay Co.
Toronto, Hudson’s Bay Co., North America’s oldest corporation, has received an unsolicited offer from Maple Leaf Heritage Investments to purchase the outstanding shares in Hbc. Maple Leaf, led by U.S. financier Jerry Zucker, already Hudson's Bay's largest shareholder with a take of 18.8%. The board will access the $850 million (C$1 billion) offer from the group. “The board, in consultation with retained advisors and management, is assessing the bid,” the company said in a release. “The board will make a recommendation to shareholders and advise the market accordingly.” Hudson’s Bay Company, established in 1670, is Canada's largest department store retailer and oldest corporation. What began as a fur-trading firm today is best known as the operator of the Bay department stores and Zellers discount chain. The company has had falling sales for nine straight quarters.