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Hudson's Bay Co (HBC.TO)

HBC.TO on Toronto Stock Exchange

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4 Mar 2020
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Latest Key Developments (Source: Significant Developments)

HBC Board Receives Updated Valuation FROM TD Securities Inc
Tuesday, 28 Jan 2020 

Jan 27 (Reuters) - Hudson's Bay Co ::HBC BOARD OF DIRECTORS RECEIVES UPDATED VALUATION AND REAFFIRMS RECOMMENDATION THAT SHAREHOLDERS VOTE FOR PRIVATIZATION TRANSACTION.HAS RECEIVED UPDATED VALUATION IT HAD REQUESTED FROM ITS INDEPENDENT VALUATOR, TD SECURITIES INC.HAS RECEIVED NEW FAIRNESS OPINIONS PROVIDED BY JP MORGAN, CENTERVIEW PARTNERS LLC AND TD SECURITIES.BOARD (EXCLUDING CONFLICTED DIRECTORS) RECOMMENDS THAT MINORITY SHAREHOLDERS VOTE IN FAVOUR OF TRANSACTION.UPDATED FORMAL VALUATION DETERMINED THAT, AS OF JAN 27, FAIR MARKET VALUE OF SHARES OF HBC RANGED BETWEEN $9.75/SHARE & $12/SHARE.TRANSACTION IS STRUCTURED AS A PURCHASE FOR CANCELLATION OF COMMON SHARES BY HBC.HBC'S CURRENT ESTIMATE IS THAT PAID-UP CAPITAL IS APPROXIMATELY $7.26 PER COMMON SHARE.  Full Article

Iain Nairn Named President Of Hudson’S Bay
Tuesday, 14 Jan 2020 

Hudson's Bay Co ::IAIN NAIRN NAMED PRESIDENT OF HUDSON’S BAY.HUDSON'S BAY CO - IAIN NAIRN HAS BEEN APPOINTED PRESIDENT, HUDSON'S BAY, EFFECTIVE JANUARY 12TH, 2020.  Full Article

Ortelius Advisors Files Lawsuit Against HBC, Richard Baker Over Proposed Privatization Transaction
Friday, 6 Dec 2019 

Dec 6 (Reuters) - Ortelius Advisors::ORTELIUS ADVISORS SAYS FILES LAWSUIT AGAINST HUDSON'S BAY COMPANY AND RICHARD BAKER OVER PROPOSED PRIVATIZATION TRANSACTION.ORTELIUS ADVISORS SAYS CONTENDS THAT CIRCULAR PREPARED BY HBC CONTAINS A NUMBER OF "MISREPRESENTATIONS AND OMISSIONS".  Full Article

Catalyst Applies For Hearing With Ontario Securities Commission To Review Richard Baker's Transaction With HBC
Tuesday, 3 Dec 2019 

Dec 2 (Reuters) - Catalyst Capital Group::CATALYST APPLIES FOR HEARING WITH ONTARIO SECURITIES COMMISSION TO REVIEW RICHARD BAKER'S TRANSACTION WITH HUDSON'S BAY COMPANY.CATALYST CAPITAL SAYS HAS FILED NOTICE OF APPLICATION FOR HEARING WITH OSC IN RELATION TO OCT 20 AGREEMENT BETWEEN HUDSON'S BAY AND BAKER GROUP.AMONG ORDERS REQUESTED, CATALYST SEEKS TO PERMANENTLY PROHIBIT BAKER GROUP FROM ACQUIRING SECURITIES OF HBC.CATALYST- ASKING DEAL BE PREVENTED FROM PROCEEDING OR, LEVEL OF DISCLOSURE MADE TO SHAREHOLDERS WHO ARE IMPACTED BY IT BE SIGNIFICANTLY ENHANCED.CATALYST-AMONG ORDER REQUESTED, CO SEEKS HBC TO POSTPONE SPECIAL MEETING OF SHAREHOLDERS SCHEDULED TO BE HELD ON DEC 17.  Full Article

HBC Says Unsolicited Proposal From Catalyst Capital To Acquire Co Is Not Reasonably Capable Of Being Consummated
Tuesday, 3 Dec 2019 

Dec 2 (Reuters) - Hudson's Bay Co ::SPECIAL COMMITTEE OF THE BOARD OF HUDSON’S BAY COMPANY RESPONDS TO PROPOSAL FROM CATALYST CAPITAL GROUP.CONCLUDED UNSOLICITED PROPOSAL FROM CATALYST CAPITAL TO ACQUIRE HBC IS NOT REASONABLY CAPABLE OF BEING CONSUMMATED.CATALYST PROPOSAL CANNOT BE SUPERIOR PROPOSAL FOR PURPOSES OF ARRANGEMENT AGREEMENT BETWEEN HBC, RUPERT ACQUISITION DATED OCTOBER 20.SPECIAL COMMITTEE RECEIVED FROM CATALYST ADDITIONAL INFORMATION ON PROPOSAL, INCLUDING WITH INTENDED FINANCING OF PROPOSED DEAL.  Full Article

Hudson's Bay Company Confirms Receipt Of Unsolicited Proposal From Catalyst Capital Group
Thursday, 28 Nov 2019 

Nov 27 (Reuters) - Hudson's Bay Co ::HUDSON’S BAY COMPANY CONFIRMS RECEIPT OF UNSOLICITED PROPOSAL FROM CATALYST CAPITAL GROUP.HUDSON'S BAY CO - SPECIAL COMMITTEE OF HBC BOARD OF DIRECTORS WILL REVIEW UNSOLICITED PROPOSAL FROM CATALYST CAPITAL GROUP.  Full Article

Hudson's Bay Reports Q2 Loss Per Share of $5.35
Thursday, 12 Sep 2019 

Sept 12 (Reuters) - Hudson's Bay Co ::QTRLY SAKS FIFTH AVENUE'S COMPARABLE SALES UP 0.6% .HUDSON'S BAY'S COMPARABLE SALES DECREASED 3.4 PERCENT IN Q2.HBC REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS.Q2 REVENUE C$1.9 BILLION.QTRLY COMPARABLE SALES DOWN 0.4% INCLUDING A 19% YEAR-OVER-YEAR INCREASE IN DIGITAL SALES.HBC ANTICIPATES IT WILL RETIRE $429 MILLION TERM LOAN WITH A PORTION OF EUROPEAN TRANSACTIONS' NET PROCEEDS.QTRLY LOSS PER SHARE - BASIC AND DILUTED FROM CONTINUING OPERATIONS $2.51.QTRLY LOSS PER SHARE - BASIC AND DILUTED FROM TOTAL OPERATIONS $5.35.QTRLY LOSS PER SHARE - BASIC AND DILUTED FROM DISCONTINUED OPERATIONS $2.84.INVENTORY DISCIPLINE CONTINUED, WITH END OF QUARTER COMPARABLE INVENTORY DOWN 5 PERCENT YEAR-OVER-YEAR.SETS QUARTERLY DIVIDEND OF $0.0125 PER SHARE."FOR HUDSON’S BAY, WE ARE WORKING TO FIX THIS BUSINESS TO RECAPTURE MARKET SHARE OVER TIME".EXPECTS $1.5 BILLION SALE OF CO'S REMAINING STAKE IN EUROPEAN REAL ESTATE & RETAIL JOINT VENTURES TO CLOSE IN FALL.Q2 WAS BOLSTERED BY STRONG SALES THROUGH THE FIFTH AVENUE CLUB AND AN ACCELERATION IN DIGITAL GROWTH.IN 2019, EXPECTS CAPITAL EXPENDITURES, NET OF LANDLORD INCENTIVES, TO MODERATE Y-O-Y, SPENDING BETWEEN $300 AND $325 MILLION.HUDSON'S BAY'S COMPARABLE SALES DECREASED 3.4 PERCENT IN Q2.  Full Article

Catalyst Announces Successful Results Of Tender Offer For Shares Of Hudson’S Bay Company
Monday, 19 Aug 2019 

Aug 19 (Reuters) - Catalyst Capital Group::CATALYST ANNOUNCES SUCCESSFUL RESULTS OF TENDER OFFER FOR SHARES OF HUDSON’S BAY COMPANY.THE CATALYST CAPITAL GROUP INC - SHARES ACCEPTED FOR PURCHASE REPRESENT 10.05% OF HBC’S TOTAL SHARES OUTSTANDING.THE CATALYST CAPITAL GROUP SAYS CATALYST TENDER OFFER HAS RESULTED IN ABOUT 18.5 MILLION HBC SHARES TENDERED.THE CATALYST CAPITAL GROUP SAYS WILL COMPLETE PURCHASE OF HBC SHARES WITHIN THREE BUSINESS DAYS.THE CATALYST CAPITAL GROUP - MAINTAINS HBC'S SPECIAL COMMITTEE REJECT EFFORT BY CONTROLLING SHAREHOLDERS, CERTAIN OTHER INSIDERS, WHO MADE BUYOUT PROPOSAL.THE CATALYST CAPITAL GROUP - ACCEPTED ABOUT 18.5 MILLION SHARES OF HUDSON’S BAY AT $10.11/SHARE IN CASH .  Full Article

Some Hudson's Bay Shareholders Outline Risks Of Catalyst Capital’s Bid
Friday, 2 Aug 2019 

Aug 1 (Reuters) - Hudson's Bay Shareholders::SHAREHOLDERS COLLECTIVELY OWNING 57% OF HUDSON’S BAY COMPANY’S OUTSTANDING COMMON SHARES OUTLINE SIGNIFICANT RISKS OF CATALYST CAPITAL’S COERCIVE PARTIAL BID.SHAREHOLDERS OWNING 57% INCLUDING ENTITIES RELATED TO RICHARD A. BAKER - REITERATE SUBSTANTIAL CASH PREMIUM PROPOSAL FOR ALL HUDSON BAY SHARES.SHAREHOLDERS OWNING 57% INCLUDING ENTITIES RELATED TO RICHARD A. BAKER - LOOK FORWARD TO ENGAGING IN DISCUSSIONS WITH HUDSON BAY'S SPECIAL COMMITTEE.  Full Article

Catalyst Capital To Take Stake in Hudson's Bay, Oppose Insider Buyout Proposal
Tuesday, 23 Jul 2019 

July 22 (Reuters) - Hudson's Bay Co ::CATALYST CAPITAL ANNOUNCES OFFER TO PURCHASE COMMON SHARES OF HUDSON'S BAY COMPANY.$150 MILLION OFFER IS FOR $10.11 PER COMMON SHARE OF HBC PAYABLE IN CASH FOR UP TO 14,836,795 COMMON SHARES.WILL OPPOSE INSIDER BUYOUT PROPOSAL & REQUESTS SPECIAL COMMITTEE TO EXPLORE ALTERNATIVES FOR HUDSON'S BAY.  Full Article

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J.C. Penney sale talks stall, pushing retailer to brink

NEW YORK J.C. Penney Co Inc’s talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless it can reach a deal within days to be taken over by lenders.

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