A PYMNTS Company

Canada: Catalyst tops Baker’s $1.8B offer for Hudson’s Bay

 |  November 27, 2019

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

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.