
Ottawa approves U.S. billionaire's takeover of Hudson's Bay Co. CBC \|\| February 24, 2006 Related - Hudson's Bay agrees to be acquired by U.S. investor Zucker The Canadian government has approved the takeover of homegrown department-store giant Hudson's Bay Co. by a U.S. investor. Maple Leaf Heritage Investments Acquisition Corp. said Thursday it has received approval for the takeover from the federal ministries of Industry and Canadian Heritage. Maple Leaf, controlled by South Carolina businessman Jerry Zucker, is offering $15.25 a share for HBC. Management of HBC (TSX:HBC) has recommended that shareholders accept Zucker's offer, which is due to expire at 5 p.m. EST on Friday. The billionaire began buying shares of Hudson's Bay Co. in mid-2003 and has about 19 per cent of the company. Article Posted at www.KnowledgeDrivenRevolution.com Last October, he issued a formal offer for the remaining shares worth $14.75 a share. But in November, the chain's board rejected that offer as too low, and said it was talking to other parties about possible deals. The offer later accepted by HBC is conditional on getting two-thirds of shareholders to tender their shares – down from the 90 per cent approval Zucker's first offer required. HBC lost more than $50 million in the most recent quarter, and sales have continued to fall as shoppers flock to cheaper big-box alternatives like Wal-Mart. Hudson's Bay Co., founded in 1670, is Canada's oldest company and largest department-store chain with 550 stores, including the Bay, Zellers and Home Outfitters. It has 70,000 employees. About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
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Ottawa approves U.S. billionaire's takeover of Hudson's Bay Co.

CBC || February 24, 2006

Related - Hudson's Bay agrees to be acquired by U.S. investor Zucker

The Canadian government has approved the takeover of homegrown department-store giant Hudson's Bay Co. by a U.S. investor.

Maple Leaf Heritage Investments Acquisition Corp. said Thursday it has received approval for the takeover from the federal ministries of Industry and Canadian Heritage.

Maple Leaf, controlled by South Carolina businessman Jerry Zucker, is offering $15.25 a share for HBC. Management of HBC (TSX:HBC) has recommended that shareholders accept Zucker's offer, which is due to expire at 5 p.m. EST on Friday.

The billionaire began buying shares of Hudson's Bay Co. in mid-2003 and has about 19 per cent of the company.

Article Posted at www.KnowledgeDrivenRevolution.com

Last October, he issued a formal offer for the remaining shares worth $14.75 a share. But in November, the chain's board rejected that offer as too low, and said it was talking to other parties about possible deals.

The offer later accepted by HBC is conditional on getting two-thirds of shareholders to tender their shares – down from the 90 per cent approval Zucker's first offer required.

HBC lost more than $50 million in the most recent quarter, and sales have continued to fall as shoppers flock to cheaper big-box alternatives like Wal-Mart.

Hudson's Bay Co., founded in 1670, is Canada's oldest company and largest department-store chain with 550 stores, including the Bay, Zellers and Home Outfitters. It has 70,000 employees.

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