Catalyst Capital offers to buy HBC shares to block acquisition bid
Catalyst Capital Group has offered to buy up to 14.8 million common shares of Canadian retailer Hudson's Bay Co (TSX: HBC) for $10.11 per unit, or $150 million. The offer will remain open until August 16 unless it is extended, varied or withdrawn. Catalyst, a Canadian private equity firm, said it is taking the step to oppose the $1.74 billion take-private acquisition of Hudson's Bay, announced last month. Catalyst said the proposed deal, led by Executive Chairman Richard Baker, does not reflect the fair value of Hudson's Bay's shares and undervalues the company "across each of its real estate, retail and iconic brand attributes." Other shareholders that oppose the transaction include U.S. hedge fund Land & Buildings Investment Management.
23 July 2019•8 mins read
