Catalyst Capital on Wednesday, November 27, offered to buy Hudson’s Bay in deal that valued it at CA$2.03 billion (US$1.53 billion), challenging the Canadian retailer’s agreed deal with a consortium led by its executive chairman, Richard Baker.
Baker’s consortium already owns 57% of Hudson’s Bay and has previously informed the company it would block a sale to another party.
Catalyst also stated on Wednesday it had filed a complaint with the Ontario Securities Commission over potential securities law violations in the consortium’s CA$1.9 billion (US$1.4 billion) deal.
Hudson’s Bay and Baker’s consortium did not immediately respond to requests for comment.
Reuters reported earlier this month that Catalyst was seeking financing for a rival bid for the company. The buyout firm’s all-cash offer represents a premium of 24.5% to Hudson’s Bay’s closing price on Tuesday.
Full Content: Reuters
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