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Catalyst makes rival takeover offer for Hudson's Bay Co.

Last Updated Nov 27, 2019 at 8:20 am PST

A Hudson's Bay Co. store sign is shown in Toronto on Monday, July 29, 2013. _ Catalyst Capital Group Inc. is making a rival takeover offer for Hudson's Bay Co. THE CANADIAN PRESS/Nathan Denette
Summary

Catalyst Capital Group Inc. is offering $11 per share in cash for Hudson's Bay Co.

Catalyst already holds a roughly 17.5 per cent stake in HBC

Catalyst said it plans to vote against offer for Hudson's Bay Co. by group led by HBC executive chairman Richard Baker

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.

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)