Hudson's Bay Company sold to U.S. Buyer!

Well folks, they've gone and done it. A vital piece of our Canadian history and Heritage have been sold to a U.S. business person ... The Hudson's Bay Company is no longer Canadian

I wonder what my ancestors would think to know this? Many were Hudson's Bay company contract workers who came here and settled here ... all up my Granny and Grandpa's side ... HBC is part of my personal family history and heritage ...

I feel really sad about this ...

The Bay downtown has been sold to an American businessman, Jerry Zucker.

He takes over the whole chain of more than 500 outlets across Canada, including three Bay stores in Winnipeg, also Home Outfitters and Zellers.

The Bay downtown was built in the 1920s.

Business reporter Kathleen Martens has the full story in tomorrow's Winnipeg Sun.

Hudson's Bay endorses bid from Zucker

1 hour, 35 minutes ago

Hudson's Bay Co. said on Thursday its board had unanimously endorsed a new offer from U.S. financier Jerry Zucker's Maple Leaf Heritage Investments to acquire the historic Canadian retailer.

Hudson's Bay, Canada's oldest corporation, said conditions had been significantly reduced in Maple Leaf's new all-cash offer of C$15.25 per share, which values the deal C$1.05 billion ($913 million), excluding a cash offer for the firm's 7.5 percent convertible debentures.

That's up from Zucker's earlier offer of C$14.75 per share.

Shares of Hudson's Bay, which were halted before the announcement, shot up C$1.12, or 8 percent to C$15.05 when trading resumed on the Toronto Stock Exchange on Wednesday.

"We are satisfied that the amended offer constitutes full and fair value for the company," Yves Fortier, governor of the 336-year old retailer, said in a statement.

The deal comes days after Hudson's Bay said it was still mulling several offers for the company, as it fought to stave off Zucker's hostile bid, which the retailer had said was too conditional.

Two informal takeover proposals were considerably lower that Zucker's original C$1.1 billion ($956.5 million) offer, the Globe and Mail newspaper reported on Thursday.

The retailer, which operates 550 stores across the country under the Bay, Zellers, and Home Outfitters banners, has been hit by declining sales and three consecutive quarters of losses.

Zucker's offer comes about two years after Maple Leaf Heritage first expressed interest in the retailer.

($1=$1.15 Canadian)

Karmen