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

Once-Troubled Canadian Lender Rescued by Buffett Bounces Back

  Once-Troubled Canadian Lender Rescued by Buffett Bounces Back It took two years, but Home Capital Group Inc. shares have regained all their lost ground since the Canadian alternative mortgage lender almost collapsed in 2017. Home Capital has doubled this year to become the sixth-best performing stock on Canada’s benchmark S&P/TSX Composite Index. The Toronto-based lender closed Tuesday at C$29 on the Toronto Stock Exchange for a market value of C$1.7 billion ($1.2 billion). The run up has taken the stock to levels last seen in February 2017, when it plunged after Ontario’s securities regulator accused the company of misleading shareholders over falsified mortgage applications.

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.

NWHL eyeing expansion to Canada, Greater Toronto Area

  NWHL eyeing expansion to Canada, Greater Toronto Area The NWHL has secured new investment and is now looking at expansion into Canada and, specifically, the Greater Toronto Area. The post Nov. 14: Shorthanded Raptors stay spicy in Portland appeared first on Sportsnet.ca.This season marks the first in more than a decade that professional women’s hockey doesn’t exist in this country following the collapse of the Canadian Women’s Hockey League this past March, and Sportsnet has learned the NWHL has plans to fill that void as soon as it can.

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.

Related video: Why the key to millennial wealth is investing [Provided by Cityline] 

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)

Are you on LinkedIn? Follow Microsoft News Canada and keep up with the latest industry news, career, jobs and tech updates. Connect with us now!

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.

—   Share news in the SOC. Networks

Topical videos:

usr: 7
This is interesting!