HBC announced that its Board of Directors has formed a Special Committee of independent directors to review the June 10, 2019 proposal from a group of HBC shareholders for the privatization of the Company at a price of CAD 9.45 per share, payable in cash. The group of HBC shareholders submitting the proposal includes individuals and entities related to, or affiliated with, Richard A. Baker, Governor and Executive Chairman of HBC; Rhône Capital L.L.C.; WeWork Property Advisors; Hanover Investments (Luxembourg) S.A.; and Abrams Capital Management, L.P., collectively called the Continuing Shareholders. The Special Committee of independent directors is composed of David Leith (chair of the Special Committee), Stephanie Coyles, Wayne Pommen, Earl Rotman and Matthew Rubel. The Special Committee will oversee the preparation of a formal valuation by an additional independent valuator regarding the proposed privatization transaction.