Skip to main content
Open this photo in gallery:

Shoppers pass a Hudson's Bay store at Yorkdale Shopping Centre in Toronto on Aug. 19, 2019.Christopher Katsarov/The Globe and Mail

Hudson’s Bay Co shareholder Paradise Developments on Wednesday became the latest investor to oppose Chairman Richard Baker’s $1.74-billion take-private offer for the department store operator, calling it inadequate.

The investor, which holds 1.2 million shares, or 0.6-per-cent stake, urged the board to negotiate for a better price or recommend that the “insider offer” be rejected.

The board should have J.P. Morgan Securities and Centerview Partners do a fair value of the retailer’s real estate, said Paradise Developments, which has been a shareholder since August 2019.

Activist shareholder Jonathan Litt in June lambasted the bid as “woefully inadequate” and said the company was worth double the group’s offer of $9.45 per share.

A special panel of Hudson’s Bay reviewing the offer proposed by Chairman Richard Baker and a group of shareholders has said it was inadequate based on an initial analysis.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe