Money: Catalyst Capital Group extends key deadline for HBC offer at board request - - PressFrom - Canada
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Money Catalyst Capital Group extends key deadline for HBC offer at board request

23:40  02 december  2019
23:40  02 december  2019 Source:   msn.com

Catalyst Capital seeks Ontario Securities Commission hearing in HBC fight

  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.

TORONTO - Catalyst Capital Group Inc. has extended a deadline for the board of Hudson's The investment firm has made an unsolicited offer of per share in cash for HBC 29, at the request of a special committee of the board at HBC because of what it called “indications of positive progress.”

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. Catalyst says it extended the deadline , which was to expire Nov. 29, at the request of a special committee of the board at HBC because of what it called

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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 firm has made an unsolicited offer of $11 per share in cash for HBC, topping a friendly offer of $10.30 made by a group of investors led by HBC executive chairman Richard Baker.

Catalyst says it extended the deadline, which was to expire Nov. 29, at the request of a special committee of the board at HBC because of what it called "indications of positive progress."

The special committee has said it would review the offer in consultation with its independent financial and legal advisers.

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

  Catalyst Capital Group makes rival takeover offer for Hudson's Bay Co. Catalyst Capital Group makes 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 Capital Group Inc. said on Wednesday it is proposing a takeover bid for Hudson’s Bay Co. in an effort to disrupt a plan by the retailer’s executive It added that an offer would be conditional on due diligence and cooperation from a special committee of the HBC board . An offer could be put to a

TORONTO - The special committee of the board at Hudson's Bay Co. says Catalyst Capital Group Inc. has turned down a request to extend a deadline for its offer Catalyst ’s offer expires before the expected September completion of the formal valuation of the Baker-led group June bid of .45 per

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The Baker-led offer requires support from a majority of the HBC shareholders, excluding the shareholders behind the bid and their affiliates, as well as approval by a 75 per cent majority vote at a special meeting of shareholders.

Catalyst said in October that it and other minority shareholders that together control a 28.24 per cent stake of the company's common shares plan to vote against the offer by the Baker-led group.

"We have granted the extension requested by the HBC special committee based on indications of positive progress and we look forward to working with them to complete a transaction based on our superior offer in a timely manner," said Gabriel de Alba, managing director and partner of Catalyst.

This report by The Canadian Press was first published Dec. 2, 2019.

Companies in this story: (TSX:HBC)

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