Dec 9, 2019

Saks Fifth Avenue owner in limbo after ISS recommendation

Lord & Taylor. Photo: Spencer Platt/Getty Images

Institutional Shareholder Services recommended that Hudson's Bay Co. shareholders vote against a C$1.9 billion, or C$10.30 per share, takeover offer led by company chairman Richard Baker.

Why it matters: Hudson's Bay was already drowning in limbo, and this might pull away its life preservers. ISS argues that there's no legitimate reason for shareholders to accept Baker's bid, which also includes Rhone Capital and WeWork Industrial Trust, over an C$11 per share offer from Catalyst Capital Group.

  • But Catalyst can't proceed without Baker's blessing, and the ISS recommendation likely means Baker will also fall short.
  • Hudson's Bay brands include Saks Fifth Avenue and Lord & Taylor.

The bottom line: "Hudson’s Bay shares closed at C$9.13 on Friday, in a sign that investors do not expect either bid to succeed." — Bhargav Acharya, Reuters

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The world's 500 richest people saw their collective net worth grow by 25% in 2019

Priscilla Chan and Mark Zuckerberg. Photo: Ian Tuttle/Getty Images for Breakthrough Prize

The world's 500 richest people added $1.2 trillion to their collective net worth in 2019, boosting their holdings by 25% to $5.9 trillion, according to Bloomberg.

Why it matters: Income inequality has become a key issue for politicians around the globe, highlighted by the fact that the wealthiest 0.1% of Americans now hold a larger share of wealth at any point since 1929 — the start of the Great Depression.

Go deeperArrowDec 27, 2019

WSJ: New York first proposed a larger tax incentive for Amazon's HQ2

Illustration: Lazaro Gamio/Axios

The initial offer for Amazon's now-canceled New York City HQ2 included $800 million more in tax credits and grants than its final $3 billion offer, the Wall Street Journal reports.

The big picture: Amazon is moving to New York City without the much-publicized HQ2 package. The company said in December it signed a new lease for 335,000 square feet in the city's Hudson Yards neighborhood.

Go deeperArrowJan 4, 2020

Takeaway.com ups its takeover bid in effort to beat out Prosus for Just Eat

Takeaway.com appears poised to beat out Dutch conglomerate Prosus for London-based food delivery company Just Eat, after raising its takeover offer to nearly £6.3 billion in stock.

Why it matters: Because appearances may be deceiving. Yes, Just Eat's board this morning recommended Takeaway's offer, and lowered the shareholder approval threshold to just 50%.

Go deeperArrowDec 20, 2019