HBC share price surges past Baker’s privatization offer [Toronto Globe and Mail (Ontario, Canada)]
Canadian Imperial Bank of Commerce (CM)
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Source: Toronto Globe and Mail
HBC share price surges past Baker’s privatization offer Some investors are betting that Richard Baker, executive chairman of Hudson’s Bay Co., needs to offer a higher price to take the retailer private. Shares of Toronto-based HBC rose more than 6 per cent to close at $1.25 on the Toronto Stock Exchange on Monday, which is above the $9.45-a-share privatization proposal from Mr. Baker and his group of HBC majority shareholders – suggesting that investors expect a higher bid. HBC’s stock was trading below the $9.45-a-share proposal in the days after Mr. Baker unveiled it on June 1, reflecting investors’ expectation then that they wouldn’t get a higher offer. But the tide turned on Friday when the stock climbed above the offer price. Story continues below advertisement Two analysts on Friday had raised their stock price targets to above the $9.45-a-share proposal while another, Mark Petrie at CIBC World Markets, increased his target price on Monday to above the offer price. The $9.45-a-s
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