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Money Catalyst Capital Group makes rival takeover offer for Hudson's Bay Co.

16:45  27 november  2019
16:45  27 november  2019 Source:   msn.com

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One of Hudson ’ s Bay Co .’s largest shareholders has made a bid that values the retailer at more than C billion Catalyst Plans a .5 Billion Rival Bid for Hudson ’ s Bay . The board committee said it decided to support the Baker takeover in part because of the company ’s recent performance, outlook

Buyout firm Catalyst Capital Group Inc said on Monday it will acquire a significant stake in Hudson ' s Bay Co , a move that could block the department Baker needs a majority of minority shareholders to approve any deal he offers for the owner of department stores Saks Fifth Avenue, Lord & Taylor and

a sign on the side of a building © Provided by The Canadian Press

TORONTO — Catalyst Capital Group Inc. is making a rival takeover offer for Hudson's Bay Co.

The investment firm is offering $11 per share in cash, topping an offer of $10.30 made by a group of investors led by HBC executive chairman Richard Baker.

Catalyst already holds a roughly 17.5 per cent stake in HBC and has said it plans to vote against the offer by the group led by Baker.

Gabriel de Alba, managing director and partner of Catalyst, says the firm's offer is independently financed, superior in both value and treatment of shareholders and can be completed in a timely manner.

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The Hudson ’ s Bay Co . insiders who want to take Canada’s oldest retailer private face a new obstacle after an investment firm snapped up about one tenth of the company ’s outstanding shares. The Catalyst Capital Group Inc. announced Monday it acquired nearly 18.5 million of the retailer’s shares

A shareholder group led by Baker, which collectively owns a 57% stake in Hudson ' s Bay , had made an offer of C.45 per share to take the struggling retailer private in June, with plans to fund the deal using some of the proceeds from asset sales.

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In making its proposal, Catalyst also filed a complaint with the Ontario Securities Commission regarding the Baker group bid.

It alleges the insider issuer offer is the result of a flawed process and asked the regulator to examine the proposal and take appropriate action.

This report by The Canadian Press was first published Nov. 27, 2019.

Companies in this story: (TSX:HBC)

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Catalyst Capital seeks Ontario Securities Commission hearing in HBC fight .
Catalyst Capital seeks Ontario Securities Commission hearing in HBC fightThe investment firm is seeking an order to prohibit the Richard Baker-led group from acquiring securities of HBC under its takeover proposal.

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