Saks’ parent gets OK from shareholders to become private company

Hudson’s Bay Company is one step closer to going private. 

The retailer, whose holdings include Saks Fifth Avenue, announced that its shareholders voted overwhelmingly for the plan to take the company private. Under the plan, a group of shareholders led by Hudson’s Bay executive chairman Richard Baker will own the company. The company’s other shareholders will receive $11.00 per share in cash.

Shareholders approved the resolution at a special meeting at which 98.28% of the votes cast voted in favor of the plan, surpassing the required favorable vote of at least 75%. The special resolution also required approval by a “majority of the minority” shareholders and 94.46% of the votes cast by minority shareholders were voted in favor of the resolution.

Founded in 1670, Hudson’ Bay is the oldest company in North America. It operates nearly 250 stores and its businesses across North America include Saks Fifth Avenue, Hudson’s Bay, and Saks Off 5th. It has partnered with Simon Property Group Inc. in the HBS Joint Venture, which owns properties in the United States. In Canada, it has partnered with RioCan Real Estate Investment Trust in the RioCan-HBC Joint Venture.