TORONTO - Land and Buildings Investment Management says the offer to take Hudson's Bay Co. private undervalues the retailer and called it "woefully inadequate."
In an open letter, the activist investment firm wrote that HBC's CEO said last year that the company's real estate was worth $28 per share.
An investment group led by HBC executive chairman Richard Baker has offered $9.45 per share for the stake in the company it does not already own.
Land and Buildings has been an outspoken critic of HBC's performance under Baker's leadership.
The firm called on HBC's special committee tasked with reviewing the offer to explore other potential transactions.
It asked the special committee to hire an independent investment bank without former business or personal relationships with the buyout group to evaluate the value of the company's real estate and retail banners.
