Catalyst makes rival takeover offer for Hudson’s Bay Co.
Posted November 27, 2019 6:10 am.
Last Updated November 27, 2019 8:20 am.
TORONTO — Catalyst Capital Group Inc. is making a 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 already holds a roughly 17.5 per cent stake in HBC and has said it plans to vote against the offer by the group led by Baker.
Bay Day, but with rising prices:
Newton Glassman's Catalyst Capital Group offers C$11/share for the Hudson's Bay Co., topping HBC chairman Richard Baker's bid by 70 cents and valuing the retailer at >$2 bln. HBC shares +13%. pic.twitter.com/YgpoIvded8— Richard Dettman (@rwdettman) November 27, 2019
Gabriel de Alba, managing director and partner of Catalyst, says the firm’s offer is independently financed, superior in both value and treatment of shareholders and can be completed in a timely manner.
In making its proposal, Catalyst also filed a complaint with the Ontario Securities Commission regarding the Baker group bid.
It alleges the insider issuer offer is the result of a flawed process and asked the regulator to examine the proposal and take appropriate action.
Companies in this story: (TSX:HBC)
