Hudson’s Bay Co. Chairman Richard Baker and his partners have approached minority shareholders, including Catalyst Capital Group, about potentially raising their offer to take the Canadian retailer private, according to people familiar with the matter.
Baker and a group of allies have floated the idea of raising their offer to around C$11 a share from C$10.30 a share, roughly the same price Catalyst Capital offered for the owner of Saks Fifth Avenue in November, said the people who asked not to be identified because the matter is private. The Baker group collectively own a 57% stake in Hudson’s Bay, but likely needs a majority of minority shareholders for a deal to go through.. . . more