News

Hudson’s Bay Co special committee sticks with Richard Baker’s bid, says Catalyst offer not ‘superior’

Hudson’s Bay Co special committee sticks with Richard Baker’s bid, says Catalyst offer not ‘superior’
Business
Private equity firm Catalyst Capital Group Inc’s unsolicited bid for Hudson’s Bay Co is not “superior” to an agreed upon deal with a consortium led by its executive chairman, the Canadian retailer’s special committee said on Monday.

Catalyst, which already owns about 17.5 per cent of the company, last week made a competing bid of $11 per share for the Saks Fifth Avenue owner, challenging the $10.30 per share offer of the group led by executive chairman Richard Baker.

Catalyst said late Monday it has filed a notice with the Ontario Securities Commission to review Baker’s offer.

“Catalyst seeks to permanently prohibit the Baker Group from acquiring securities of HBC,” the firm said in a statement. It also requested the commission to postpone a Dec. 17 shareholders meeting to consider the chairman’s deal.

However, Hudson’s Bay special committee said it continued to recommend that minority shareholders vote for the special resolution approving the offer from the consortium.

As of Monday’s close of $9.74, Hudson’s Bay shares advanced more than 50 per cent since a Baker-led group made an offer to take the retailer private in June.

© Thomson Reuters 2019

At 10 times the size of our Coastal GasLink, Power of Siberia set to carry five billion cubic metres by 2020 and bring in $400 billion over 30 years

China’s Zijin Mining announced a $1.4 billion all-cash purchase of Continental Gold at a 29 per cent premium to its share price during the past month
Read more on National Post
News Topics :
Similar Articles :
Business
A minority shareholder of Hudson’s Bay Co. has filed a lawsuit against the retailer and its chairman Richard Baker, accusing them of suppressing the value of its shares to help...
Business
One of Hudson’s Bay Co.’s largest shareholders has made a bid that values the retailer at more than $2 billion, topping a rival offer from a group led by the...
Business
Private equity firm Catalyst Capital Group Inc on Wednesday offered to buy Hudson’s Bay Co in deal that valued it at US$2.03 billion, challenging an agreed deal with a consortium...
Business
TORONTO Catalyst Capital Group Inc. has extended a deadline for the board of Hudson’s Bay Co. to formally accept its offer letter until 5 p.m. ET today. The investment...
Business
Hudson’s Bay Co. chair Richard Baker’s plans to take the Canadian retailer private were dealt a setback as a prominent shareholder advisory firm came out against the deal. Institutional Shareholder...