Hudson's Bay Company Provides Update Regarding Strong Shareholder Support for Rhône Capital Equity Investment
November 27 2017 - 6:00AM
Business Wire
HBC (TSX: HBC) today provided an update in respect of strong
shareholder support for Rhône Capital's equity investment of U.S.
$500 million (C$632 million) in the form of 8-year mandatory
convertible preferred shares, which was previously announced as
part of a series of interconnected and strategic transactions with
Rhône Capital, WeWork Companies and certain of their
affiliates.
Shareholders representing almost two-thirds of HBC's outstanding
common shares have now confirmed their support for these
transactions. These shareholders will benefit from, and be affected
by, Rhône Capital's investment in the same manner as all other
shareholders of HBC.
In respect of an appeal by Land & Buildings regarding the
previously announced Toronto Stock Exchange (TSX) decision to
conditionally approve Rhône Capital's equity investment, and
following an adjournment to accommodate the appointment of new
counsel for Land and Buildings, the hearing and review of the
Ontario Securities Commission is now scheduled to be held
on December 8th and 11th. HBC believes that there is no
merit to this appeal, and will therefore seek to have the TSX
decision confirmed and the appeal dismissed.
For previously announced details on this series of strategic
transactions, visit investor.hbc.com/releases.cfm or click
here.
About HBCHBC is a diversified global retailer focused on
driving the performance of high quality stores and their
all-channel offerings, growing through acquisitions, and unlocking
the value of real estate holdings. Founded in 1670, HBC is the
oldest company in North America. HBC's portfolio today includes
formats ranging from luxury to premium department stores to off
price fashion shopping destinations, with more than 480 stores and
over 66,000 employees around the world.
HBC's leading banners across North America and Europe include
Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, Saks OFF
5TH, Galeria Kaufhof, the largest department store group in
Germany, and Belgium's only department store group Galeria
INNO.
HBC has significant investments in real estate joint ventures.
It has partnered with Simon Property Group Inc. in the HBS Global
Properties Joint Venture, which owns properties in the United
States and Germany. In Canada, it has partnered with RioCan Real
Estate Investment Trust in the RioCan-HBC Joint Venture.
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HBCINVESTOR RELATIONS:Elliot Grundmanis,
646-802-2469elliot.grundmanis@hbc.comorMEDIA:Andrew Blecher,
646-802-4030Press@hbc.com