Airport retailer Hudson announced that its majority shareholder Dufry AG Group will acquire all equity interests in Hudson that it does not already own.
Dufry had a 57.4 percent ownership of the East Rutherford, NJ-based Hudson prior to this week’s move and the $7.70 purchase share price amounts to a 50.1 percent premium over Hudson’s closing stock price on the New York Stock Exchange on August 18.
When the acquisition is finished, Hudson will become an indirect wholly owned subsidiary of Dufry and will be delisted from the New York Stock Exchange.
“Hudson successfully implemented its business and growth plans as a wholly owned Dufry subsidiary for nearly nine years prior to our initial public offering in 2018,” said Roger Fordyce, CEO of Hudson. “Our strategy remains unchanged to serve as the all-encompassing travel partner and we will continue to focus on our four key pillars: travel convenience, specialty retail, duty free, and food and beverage.”
Hudson noted the acquisition is subject to approval by the owners of Hudson’s outstanding common shares, which will be done at shareholder meeting to be held in due course.
