Saks Fifth Avenue parent Hudson's Bay Co. gets green light from shareholders to go private

Hudson's Bay Co. said Thursday that shareholders overwhelmingly voted in favor of going private at a special meeting held earlier in the day. Nearly all (98.28%) votes cast approved of a transaction in which a group of shareholders led by Executive Chairman Richard Baker will own the company. Shareholders will receive C$11 per share in cash. Hudson's Bay had gotten a competing bid from Capital Group, which owns more than 30 million shares of the company. Hudson's Bay's portfolio includes Saks Fifth Avenue and that brand's off-price chain. Hudson's Bay shares have gained 34.7% over the last year while the S&P 500 index has gained 9.6% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.