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.
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