Hudson's Bay reportedly approaches Macy's about a takeover
Hudson's Bay's stock trades at a higher premium to Macy's shares, but the Canadian stock is down 20 percent so far in 2017 and has lost almost half its value since last spring.
Macy's shares are soaring in morning trading, after being temporarily halted on the New York Stock Exchange on a news report that Saks' owner has approached the department store chain about a takeover.
Hudson's Bay could raise equity and debt against its real estate portfolio to fund the deal, according to the Wall Street Journal, which first reported the news. At Hudson's Bay, a sprawling business that includes Saks Fifth Avenue and Lord & Taylor, things weren't quite as grim, but holiday results still suggested that the company is still facing some challenges in connecting with shoppers. The company had a market cap of C$1.82 billion (US$1.40 billion) as of Thursday's close.
Several sources said that Smith is seeking board seats at Macy's. That may mean that Hudson's Bay will have to bring in a partner or borrow against more of its real estate holdings. Discussions of acquiring Macy's real estate are also said to be on the table.
Both Macy's and Hudson's Bay declined to comment.
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Macy's struggling turnaround and the continued pressure it faces from Amazon make a deal unlikely, Cowen said in the note, adding that Amazon itself could be a potential buyer of the company, given its expansion into physical stores. Macy's shares shot up 9% on the news.
It has a partnership with Canada's RioCan Real Estate Investment Trust and with USA -based Simon Property Group Inc.
A possible deal also has implications for Macy's local headquarters, its Springdale offices and Mason call center operations that collectively employ 3,000 on top of about 1,000 workers at local stores.
Hudson's Bay has also formed joint ventures with mall owners and property developers aimed at showing shareholders the value of its real estate without selling it off. It closed the session up 6.4 percent at $32.69. After peaking at $73.61 in 2015, Macy's shares have plummeted in value.
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