Canadian Manufacturing

HBC says Catalyst declined a request to extend its offer for stake in retailer

The bid by the investment firm, which is seeking to buy the shares in an effort to oppose a proposal to privatize the company, is set to expire on Friday


Print this page


TORONTO – The special committee of the board at Hudson’s Bay Co. says Catalyst Capital Group Inc. has turned down a request to extend a deadline for its offer for a roughly 10.7% stake in the retailer.

The bid by the investment firm, which is seeking to buy the shares in an effort to oppose a proposal to privatize the company, is set to expire on Friday.

Catalyst is offering to buy up to nearly 19.8 million shares at a price of $10.11 per share.

The special committee urged shareholders to exercise caution with respect to the Catalyst offer. It noted the offer does not provide shareholders with certain protections typically required under a formal takeover bid.

An insider group led by board chairman Richard Baker made a bid in June of $9.45 per share to take HBC private, an offer the special committee has deemed inadequate.

The special committee has asked the Baker-led group if it intends to make a revised proposal once it has received a formal valuation.

 

News from © Canadian Press Enterprises Inc. 2019

Print this page

Related Posts from the network