INDEPTH: THE BAY
Timeline
CBC News Online | February 23, 2006
Feb. 23, 2006:
The federal ministries of Industry and Canadian Heritage formally approve the takeover of Hudson's Bay Co. by American investor Jerry Zucker. The approval comes a day before Zucker's offer was due to expire.
» CBC STORY: Ottawa approves U.S. billionaire's takeover of Hudson's Bay Co.
Jan. 26, 2006:
The board of the Hudson's Bay Company approves the acquisition offer of South Carolina businessman Jerry Zucker, a deal worth $1.06 billion. Zucker increased his offer by 50 cents a share to $15.25 a share to make the deal.
» CBC STORY: Hudson's Bay agrees to be acquired by U.S. investor Zucker
Nov. 25, 2005:
The board of the Hudson's Bay Co. tells shareholders that Zucker's offer of $14.75 per share is inadequate and recommends they turn down a $1-billion takeover offer. Zucker would later say the board's reasons for rejecting the offer "do not stand up to scrutiny."
» CBC STORY: Hudson's Bay rejects Zucker takeover bid
Oct. 28, 2005:
Zucker's company, Maple Leaf Heritage Investments Acquisition Corp., announces a takeover offer for the Hudson's bay Co. of $14.75 per share. Shares in HBC close at $15.35 at the end of the day. Zucker owns 18.8 per cent of the company's shares at the time of the offer.
» CBC STORY: U.S. investor bids for Hudson's Bay Co.
March 2, 2005:
The Vancouver Olympic Committee chooses Hudson's Bay Co. to provide clothing for Canada's teams for the next four Olympic games. The deal ends the agreement Canadian Olympic officials have had with Roots since 1998.
» CBC STORY: Hudson's Bay Co. to outfit Canadian Olympic teams through 2012
Aug. 13, 2004:
The Globe and Mail, citing unnamed sources, reports that U.S. department store Target is in talks to buy HBC. HBC's shares rise 75 cents to $15.
» CBC STORY: Hudson's Bay shares up following Target takeover talk
March 12, 2004:
Zucker's company, Maple Leaf Heritage Investments, buys 2.75 million common shares of HBC, bringing Zucker's holdings to 16.8 per cent of the company's stock. The move fuels speculation that Zucker is interested in taking over HBC.
» CBC STORY: U.S. investor buys another 4% of Hudson's Bay
Dec. 10, 2003:
Maple Leaf Heritage Investments buys 25,000 common shares of HBC and announces it may make an offer to acquire some or all of the company's common shares. HBC shares jump 14.5 per cent on the news.
» CBC STORY: Hudson's Bay shares jump on takeover talk
Sept. 25, 2003:
The Hudson's Bay Co. announces a five-year restructuring plan aimed at making the company more efficient and tripling its profit by 2008.
» CBC STORY: Hudson's Bay Co. shifts focus in bid to triple profit in 5 years
Nov. 29, 1999:
HBC announces it will pick up seven former Eaton's stores in Ontario, Quebec, Saskatchewan and New Brunswick.
» CBC STORY: Bay to take over Eaton's stores
1997:
The Hudson's Bay Co. buys all of Kmart Canada's 112 stores. The following year, HBC would close 40 Kmart stores and convert most of the rest into Zellers locations.
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