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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

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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 Monday. 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

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 The investment firm has made an unsolicited offer of per share in cash for HBC , topping a friendly offer of .30 made by a group of investors led by

a close up of a sign © Provided by The Canadian Press

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.

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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 per share in cash for HBC , topping a friendly offer of .30 made by a group of investors led by

Catalyst Capital Group extends key deadline for HBC offer . Catalyst has offered per share in cash for HBC , but HBC 's special committee said the Baker-led group , which calls itself the continuing shareholders, confirmed to it that they "are not interested in any transaction that would

Related video: How to talk about money — even when you’d really rather not (Provided by The Canadian Press) 

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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