HBC shares resume trade, extend gains after confirming Signa bid for Kaufhof

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Saks Fifth Avenue parent Hudson's Bay Co. said Wednesday it has received an offer for its German business from Signa Holding GmbH, the owner of its main German rival, confirming market speculation.

Land & Buildings Investment Management, LLC (together with its affiliates, "Land & Buildings") today issued the following letter to shareholders of Hudson's Bay Company (TSX:HBC) ("Hudson's Bay", "HBC" or the "Company").

Both Reuters and the Financial Times reported sources as saying Signa had submitted a fully-financed bid this week and that Hudson's Bay has until the middle of November to respond to the offer.

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The Toronto-based company said the bid was unsolicited, with no evidence of financing, HBC said in a statement, adding the company will review the offer. Selling properties at or above the Company's stated NAV is likely the optimal and lowest cost option for raising capital - and further underscores the real estate value of the Company.

The company acquired Kaufhof in 2015 as part of a $3.2-billion deal that included Belgium retailer Galeria Inno and other real estate assets. Since then, Kaufhof's finances have deteriorated, to the point where vendors are finding it more hard to find trade credit insurance to make shipments.

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