Hudson’s Bay Co. said Wednesday that it has rejected an unsolicited offer for its German business from Signa Holding GmbH after a review. “It significantly undervalues our German business and related real estate assets and is not supported by sufficient certainty of financing to warrant further consideration at this time,” said David Leith, lead independent director of the Hudson’s Bay’s board. Included in Hudson’s Bay’s portfolio are Galeria Kaufhof, a German department store group, Saks Fifth Avenue and Lord & Taylor. Hudson’s Bay shares are down 7.2% for the past year while the S&P 500 index is up 17.6% for the period.
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