(Reuters) - Hudson’s Bay Co (HBC.TO) said on Wednesday Austrian property and retail group Signa Holding had made an “incomplete, non-binding and unsolicited offer with no evidence of financing” for its German business, as well as other real estate assets.
Earlier, Reuters reported that Signa, which owns German department store chain Karstadt, had submitted a fully-financed 3 billion euro (£2.6 billion) bid to buy HBC’s German department store operation Kaufhof.
“Consistent with its fiduciary responsibility, the Board intends to review the offer in due course,” the Canadian company said in a statement, without giving any further details on the offer.
Hudson’s Bay shares were halted from trading on Wednesday pending an announcement. They were up 6.8 percent at C$12.04 coming off the trading halt.
Reporting by Ahmed Farhatha in Bengaluru; Editing by Savio D'Souza