HBC hires advisers, lawyers to aid in reviewing privatization offer

The Hudson's Bay Company says its special committee of the board of directors formed to assess a privatization proposal has retained an independent valuator, advisors and legal counsel to help with the process. Hudson's Bay Co. holds its annual meeting of shareholders in Toronto on Friday, June 3, 2016. THE CANADIAN PRESS/Christopher Katsarov

TORONTO - The Hudson's Bay Company says its special committee of the board of directors formed to assess a privatization proposal has retained an independent valuator, advisers and legal counsel to help with the process.

The special committee retained TD Securities Inc. to be an independent valuator and Canterview Partners LLC to be a special adviser. It has also retained J.P. Morgan Securities to be a financial adviser and Blake, Cassels & Graydon LLP as legal counsel.

The appointments will help the committee to review and evaluate a proposal made last month by a group of HBC shareholders to take the company private at a price of $9.45 per share in cash.

Some shareholders have opposed the offer, including activist investor Land and Buildings Investment Management.

HBC says the committee acknowledges shareholders' feedback, takes their input seriously and plans to respond to the proposal "as promptly as practical."

The company says it does not plan to disclose any more developments about the special committee's evaluation unless it becomes appropriate or required.

Companies in this story: (TSX:HBC)

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