Hudson's Bay director says ISS report critical of buyout plan 'misleading'

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Hudson's Bay director says ISS report critical of buyout plan 'misleading'
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The Hudson's Bay Co director who led the board committee that negotiated th...

) director who led the board committee that negotiated the sale of the company to a group of controlling shareholders said on Monday a report by Institutional Shareholder Services Inc criticizing the deal was “misleading.”

“ISS has factual errors in its report we would like corrected, because they are misleading shareholders,” David Leith, who chaired the special board committee, told Reuters in an interview. The consortium wanted Rhone Capital to be included so it could have more equity to finance the deal and fewer shareholders to cash out.

“The Fabric standstill waiver was not required for the remaining shareholders making the offer to be able to block the company’s sale to another party,” he said.

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