Investor Land & Buildings calls Hudson's Bay chairman's offer 'inadequate'

[June 18, 2019]  (Reuters) - Activist investor Land & Buildings Investment Management LLC said on Tuesday that a C$1.74 billion ($1.30 billion) go-private proposal for Hudson's Bay Co from the company's chairman and other shareholders was "woefully inadequate".

The shareholder called on the Canadian department store operator to explore strategic alternatives and hire an independent investment bank to evaluate the value of Hudson's Bay's real estate and retail banners.

(Reporting by Shradha Singh in Bengaluru)

[© 2019 Thomson Reuters. All rights reserved.]

Copyright 2019 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.