Hudson's Bay Co executive chairman Richard Baker on Monday teamed up with other shareholders and offered to take the struggling Canadian retailer private in a 1.74 billion Canadian dollar cash deal.

Shares of Hudson’s Bay rose 45 per cent to 9.25 Candaian dollars on Monday.

The shareholders group said it owns about 57 per cent of the company.

Hudson's Bay, which owns Saks Fifth Avenue and Lord & Taylor, said it has formed a special committee of independent directors to review the proposal.

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The company's shares have fallen 41 per cent over the last 12 months, prompting shareholder activism, as it struggles to compete with e-commerce behemoths such as Amazon. com .

Unlock shareholder value

Land & Buildings had called on Hudson’s Bay last year to sell the Saks Fifth Avenue and Lord & Taylor brands and its 50 per cent interest in the European joint venture, saying the company must do more to unlock shareholder value.

The company, which traces its roots back to fur trading in 1670, has been shutting its underperforming stores to cut costs, while annual same-store sales have fallen for the last three years. – Reuters