Tuesday, July 23, 2019

Catalyst Offers to Buy Hudson’s Bay Shares to Block Takeover Bid

Private equity firm Catalyst Capital Group Inc. is offering to purchase up to C$150 million ($114 million) worth of shares of Hudson’s Bay Co. as it builds a stake in the Canadian retailer in an effort to thwart a proposed takeover of the company.

The Toronto-based firm said in a statement Monday it was was prepared to pay C$10.11 per share in cash for up to roughly 14.8 million common shares. That’s a 7% premium on the C$9.45 a share the company’s chairman, Richard Baker, and his partners offered to take the company private last month.

Hudson’s Bay has yet to formally respond to the take-private offer. Representatives for Hudson’s Bay and Baker weren’t immediately available for comment. . . . more