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Hudson’s Bay Company (HBC) has announced that after a review and consideration conducted in consultation with financial and legal advisors which included an in-person meeting with Signa Holding GmbH and its advisors, the company’s board of directors has unanimously rejected the unsolicited proposal to acquire the German business and related real estate assets.

“The Board has unanimously concluded that Signa's proposal is not in the best interest of HBC's shareholders. 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 HBC board in a statement.

"Our European business and related real estate assets represent critical components of our long-term strategy and we continue to have a high degree of confidence in our ability to drive results across our iconic retail banners. The company appreciates the interest in its European business and real estate assets, which validates the company's view of the considerable underlying value these assets provide to HBC's shareholders," added Richard Baker, HBC's Governor, Executive Chairman and interim CEO.