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Hudson's Bay receives counterbid from Catalyst Capital

By
Reuters
Published
today Nov 28, 2019
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Private equity firm Catalyst Capital Group Inc on Wednesday made a competing offer for Hudson’s Bay Co that challenges the Canadian retailer’s deal with a consortium led by its executive chairman, Richard Baker.


Hudson’s Bay on Wednesday confirmed that it had received the unsolicited proposal from Catalyst and that its special committee would review the offer - Reuters


Catalyst, which owns 17.5% of Hudson’s Bay, has bid C$11 per share, topping Baker’s C$10.30 per share offer in October and valuing the company at C$2.03 billion ($1.53 billion).

Shares of the Saks Fifth Avenue owner rose as much as 14.3% to C$10.09.

Hudson’s Bay on Wednesday confirmed that it had received the unsolicited proposal from Catalyst and that its special committee would review the offer.

Separately, the Baker-led consortium, which owns 57% of Hudson’s Bay, said Catalyst’s offer was “non-executable” and not supported by fully committed financing.
The group had previously said it would block the company’s sale to another party.

Catalyst said on Wednesday it had filed a complaint with the Ontario Securities Commission over potential securities law violations in the consortium’s C$1.9 billion deal.

The PE firm said it was prepared to consider raising the offer based on its due diligence and is open to allow other shareholders to be co-equity sponsors to its offer.

Activist shareholder John Litt, who has been opposing the Baker-led group’s offer, said his hedge fund Land’s & Buildings was interested in financially participating in the deal with Catalyst, should it move forward.

Reuters reported earlier this month that Catalyst was seeking financing for a rival bid for Hudson’s Bay.

The buyout firm’s all-cash offer represents a premium of 24.5% to Hudson’s Bay’s closing price on Tuesday.

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