HUDSON’S BAY BOUGHT: South Carolina businessman Jerry Zucker succeeded in his buyout of Hudson’s Bay Co., after shareholders tendered 63 percent of the department store’s outstanding stock to his $957 million offer. With his existing HBC holdings of about 19 percent, Zucker now controls 82 percent of the company. He is extending his takeover offer until March 9 for the remaining shares and then the stock will be delisted. Zucker launched the hostile takeover in November after his initial approach in October was rejected. He got the support of HBC’s board after increasing his original offer to $13.25 per share from $12.85. HBC, founded in 1670, is Canada’s oldest company and largest department store chain, with 550 stores under the Bay, Zellers and Home Outfitter banners. Zucker intends to operate the retailer under its existing banners despite speculation HBC would be broken up and sold for its valuable real estate, a spokesman said.
TOMMY DEAL APPROVED: Tommy Hilfiger Corp. said Tuesday that the European Commission has approved its deal to be acquired by Apax Partners, the private equity fund, for $1.6 billion. The company said in a statement that it expects the deal to close in April.