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Hudson's Bay agrees to be acquired by U.S. investor Zucker
CBC News Viewpoint | January 2006
Hudson's Bay Co., the oldest company in Canada, has agreed to be acquired by South Carolina billionaire businessman Jerry Zucker in a deal worth more than $1 billion.
Zucker's company, Maple Leaf Heritage Investments, increased its offer for shares of HBC by 50 cents a share to $15.25 a share.
HBC's board, which said it had considered "several offers" for the company, has endorsed Zucker's all-cash bid and is recommending that shareholders tender their shares to the offer.
Zucker had been buying up shares of Hudson's Bay Co. since mid-2003 and now has about 19 per cent of the company.
Hudson's Bay, founded in 1670, is Canada's largest department store chain with 550 stores, including the Bay, Zellers, and Home Outfitters. It has 70,000 employees.
Your letters:
I cannot begin to express my feelings of sadness about the take-over of the Hudson's Bay Company by an American. Slowly, bit by bit, piece by piece our wonderful country is being bought out by the Americans.
When will government and Canadians in general realize that our unique identity is being compromised? Speak out now, Canada before it is too late and we are the 52nd state.
—Chris Chevalier | Ingleside, ON
I really am sick and tired of all the emotional, protectionist, weeping that people express over what is simply a business deal.
If people were so keen on HBC as a symbol of Canadian economic sovereignty why did they not shop there? If HBC was a more viable business, some wealthy Canadian might have bought it or, even better, it might not have been for sale.
Canadians abandoned the Bay years ago. Now is not the time to get all teary-eyed over it "falling into American hands".
—George Mejury | Brampton, ON
Deeply saddened by the news of Hudson's Bay, now what do we Canadians have left for Canadian owned retailers? I'm going to boycott Zellers and The Bay, and go back to those local little retailers where my money stays in Canada.
—KC Cartwheels | Grande Prairie, AB
We have lost another landmark. Isn't there any wealthy Canadian companies who could have stepped in?
I strive to shop Canadian. Where can I go now?
—Sue Johnston | Chilliwack, BC
Maybe it's because Canadians don't support their own that we deserve what's happening to the Hudson's Bay Company. People don't seem to mind shopping at the Walmarts of the world just to save a few dollars.
Canada
— Roy Mulders | W Midland, ON
Woodwards, Eatons, Woolco, and now the Bay have all fallen. There are no longer any Canadian retailers, due either to Americans purchasing them, or American companies forcing them out of business.
Unfortunately, we let it happen to ourselves by buying into the 'lowest price is always the best' mentality. We refused to consider atmosphere, history, or service in our shopping; and now we don't have the choice. Welcome to the Walmart nation.
—Colin Bigam | Calgary
It is amazing to me that so many people are outraged over Mr.Zuckers offer to purchase HBC. Doesn't anyone out there realize that he is a businessman trying to increase his assets.
It is a smart move on his part because he sees the potential in the company. The threat to go and shop at Walmart from now on won't accomplish anything except improve Walmart's profit. If you don't want to lose the ability to shop at the Bay or Zellers we must continue to frequent these businesses or lose competitive shopping completely.
—Sandra D | Campbell River, BC
Although I am only a first generation Canadian I feel the absolute devastation of this transaction. I have been studying Americanization in university for some time now, and it is apparent that it will not stop.
Tim Hortons, Future Shop, A & B Sound and now the Hudsons Bay Company have all fallen into the trap of becoming American businesses. It is horrific. How can people try and shop Canadian, if there are no Canadian businesses to support?
—Chris Bell | Port Coquitlam, BC
As an 8th generation Canadian, with grandchildren and great grandchildren, I can't begin to put into words the sorrow I feel today, to read this item in the news.
—C.J.Thomson | Victoria
I can't believe that the Hudson's Bay Company would agree to such a deal. I think every effort should be made for the HBC to remain owned by a Canadian company or a Canadian. What a disgrace if we let it go.
—Martine Mandeville | Ottawa
This is a very sad day. It was bad enough when we lost the Montreal Canadians to an American investor. Now we have lost our oldest company. Is nothing sacred anymore?
What are we going to lose next the CBC?
—Jim Haddad | Ottawa
This is terrible news. I hope Zucker closes the retail outlets and just uses the property for something else so we can remember our Canadian Hudson's Bay Company as ours alone.
All the pride and patriotism that the colours of the HBC once stirred in me are gone. When I see those colours now I cringe.
At one time Canada was the Hudson's Bay Company and it just isn't right that a citizen of the United States now owns it! What will they want next? And what will we allow them to buy?
—Loriane Frewing | Langley, BC
It sure feels to me like a sad day for Canada. I think we are surely losing a part of our heritage and I fear the worst is yet to come. I guess I might as well shop at Walmart now instead of Zellers.
—V. Moore | Toronto
We have legislation called The Canada Investment Act which is designed to put parameters around any foreign ownership of our companies. Am I the only one who is fed up with Americans taking over our best? The Hudson's Bay is our Canadian icon, we cannot let it fall into the hands of the U.S.A. Onex needs to strengthen its offer!
—Anne Moore | Shawnigan Lake, BC
That's just a shame that this has happened. Some of my ancestors were involved with the Hudson Bay Company in the fur trade 300 years ago when Canada was New France.
However, this has been coming for a long, long time. I couldn't tell you the last time I shopped at The Bay. They were just too expensive. Back when I did shop there it was hard to find sales help and an open cashier to pay for what you bought.
—Sue C
This is a very sad day for Canada and for its economic sovereignty. There is not much of a distinction between a country being taken over by invading forces and being slowly dismantled by foreign investors.
Do Canada's corporate decision-makers not understand or appreciate the heritage of these companies and how they contribute to Canada's identity? The Board's decision is a slap in the face for Canadians, and is one step shy of selling our souls to the U.S.
—Randy Hopkins | Toronto
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