Posted AT 4:38 PM EST on 28/10/05
Zucker bids for Hudson's Bay
Fed up with disappointing results, U.S. investor Jerry Zucker, Hudson's Bay Co.'s biggest shareholder, said his Maple Leaf Heritage Investments ULC is offering to buy Canada's oldest company for about $832-million plus debt. HBC's board said it's considering the offer.
The $14.75-a-share offer represents a 17 per cent premium over Thursday's closing share price. The stock jumped $2.72 or 21.54 per cent to $15.
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