Not 100% sure yet but the Board of HBC has recommended they accept the offer:
TORONTO -- Retailer Hudson's Bay Co., Canada's oldest company, has reached a takeover deal with U.S. businessman Jerry Zucker, its largest shareholder.
Zucker's Maple Leaf Heritage Investments Acquisition Corp. has boosted the U.S.-based firm's previous all-cash takeover offer to $15.25 a share, or more than $1.06 billion, plus assumed debt.
http://www.canada.com/calgaryherald/...c1c41b&k=51128
It's a sad day for Canadian Retailing, although I'm sure there are financial factors that make sense. First Woodwards, then Eatons, and now HBC.
It'll be interesting to see if Zucker keeps and improves it as a whole or carves it up piecemeal.