HBAYF - Hudson's Bay Company

Other OTC - Other OTC Delayed Price. Currency in USD
6.75
+0.24 (+3.69%)
At close: 3:56PM EST
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Previous Close6.51
Open6.54
Bid0.00 x 0
Ask0.00 x 0
Day's Range6.50 - 6.75
52 Week Range4.70 - 8.07
Volume74,946
Avg. Volume22,707
Market Cap1.3B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.04 (0.58%)
Ex-Dividend Date2019-12-30
1y Target EstN/A
  • Exclusive: Hudson's Bay's take-private deal falls short - sources
    Reuters

    Exclusive: Hudson's Bay's take-private deal falls short - sources

    A buyout consortium of Hudson's Bay investors led by its Executive Chairman Richard Baker did not win enough votes from other company shareholders by a Friday morning deadline in advance of a Dec. 17 special meeting, the sources said. The Ontario Securities Commission (OSC) regulator on Friday said Hudson's Bay has agreed to postpone the Dec. 17 meeting. The OSC also dealt Baker another setback by ordering Hudson's Bay to revise the disclosures it made to its shareholders on Nov. 14 on how the deal with Baker was put together.

  • Hudson’s Bay Chair Wins Glass Lewis Support for Takeover
    Bloomberg

    Hudson’s Bay Chair Wins Glass Lewis Support for Takeover

    (Bloomberg) -- Hudson’s Bay Co. Chairman Richard Baker’s C$1.9 billion ($1.4 billion) plan to take the Canadian retailer private got a boost from a prominent shareholder advisory firm.Glass Lewis & Co. urged investors in the owner of Saks Fifth Avenue to support the transaction at a shareholder meeting Dec. 17. It argued that there’s no viable alternative deal on the table given that Baker’s group, which owns roughly 57% of the company, said it won’t sell its shares to anyone else.While some shareholders may be holding out for the Baker group to reverse its stance and sell at a higher price, Glass Lewis said that appeared unlikely. In the absence of other viable options, the advisory firm said that Hudson’s Bay’s stock would probably fall further in the face of a challenging retail environment if the deal fails.Catalyst Capital Group Inc., which owns a 17.5% stake in the company, has come out against the deal and offered a counter-proposal to buy Hudson’s Bay for C$11 a share, a 7% premium on the Baker group’s bid. The retailer has rejected the proposal from the private equity firm, arguing it’s not viable because the Baker group has said it won’t sell to another buyer.“We simply see no viable path for the Catalyst proposal to achieve any of the requisite shareholder vote hurdles at this time,“ Glass Lewis said in a report dated Tuesday. “Therefore, we believe it would be nonsensical for the board to terminate the arrangement agreement.”Glass Lewis’s conclusion puts it at odds with another prominent advisor, Institutional Shareholder Services Inc., which last week urged investors to reject the deal. ISS argued that the company offered no clear reason shareholders should accept it when Catalyst has proposed a higher price. Given the defects identified in the sales process, investors could not be confident they are receiving maximum available value for their shares, ISS said.A third shareholder advisory firm, Egan-Jones Proxy Services, has also supported the deal.Hudson’s Bay fell for a seventh straight session in Toronto, down 1.4% to C$8.66 a share as of 9:55 a.m. That’s well below the offer price of C$10.30 a share from the Baker group, as investors fear the deal won’t win the necessary support from a majority of minority holders.Hudson’s Bay said it was pleased Glass Lewis and Egan-Jones supported the deal.“The support of these independent proxy advisors further demonstrates that this transaction represents the best path forward for HBC,” David Leith, chair of Hudson’s Bay’s special committee, said in a statement.Catalyst once again urged shareholders to vote against the deal Wednesday, and said it would seek changes to the board if the company’s independent directors don’t act in the best interest of shareholders.The Canadian private equity firm said the Glass Lewis report ignored all the issues related to the creation of the Baker group and “buys into the threat that the take under proposal by the group is the only option.”“It is somewhat shocking that they would turn a blind eye to all of the conflicts, manipulations and intentionally misleading and incomplete disclosures,” said Gabriel de Alba, Catalyst partner and managing director, in a statement.Catalyst has filed a complaint with the Ontario Securities Commission seeking to block the Baker group’s takeover, which will be heard starting Wednesday in Toronto. Another investor, Ortelius Advisors, which said it owns a 0.5% stake in Hudson’s Bay, has also filed a lawsuit to block the deal.(Updates with additional information from eighth paragraph)To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Eric Pfanner, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Hudson's Bay investor says will vote against take-private deal
    Reuters

    Hudson's Bay investor says will vote against take-private deal

    Hudson's Bay Co investor Ortelius Advisors LP said it will vote against the Saks Fifth Avenue owner's C$1.9 billion ($1.4 billion) take-private deal because of what the hedge fund views as lapses in the sales process. Ortelius joins a number of investors who say the sale of the company to its Executive Chairman Richard Baker and a group of Hudson's Bay shareholders with total voting control of 57% over the retailer is not generous enough. Canadian buyout firm Catalyst Capital Group Inc and hedge fund Land & Buildings have said they oppose the deal, which will go up for a vote by minority shareholders on Dec. 17.

  • Reuters

    UPDATE 3-Hudson's Bay quarterly loss widens on discounts amid take-private battle

    Hudson's Bay Co reported a bigger third-quarter loss on Tuesday, hit by deeper discounts at luxury chain Saks Fifth Avenue and weak sales at its namesake stores, as the Canadian department store operator tries to take itself private. "Across the industry, there was a pullback among luxury consumers, allowing shoppers to more frequently take advantage of markdowns, which ultimately reduced full-price sales," Chief Executive Helena Foulkes said in a statement. For Saks, the lull in luxury spend started in August and was most notable in metropolitan cities, the company said.

  • Bloomberg

    Hudson’s Bay Sales Slump Ahead of Vote on Baker’s Takeover Bid

    (Bloomberg) -- Saks Fifth Avenue owner Hudson’s Bay Co. reported another weak sales quarter, giving Chairman Richard Baker ammunition for his contested bid to take the retailer private as shareholders prepare to vote next week.Comparable third-quarter sales, a closely watched metric for the industry, fell 1.7%. At Saks, which had been the group’s bright star in recent quarters, sales fell 2.3%, the first decline in at least eight quarters. Gross margins dropped 120 basis points.Key TakeawaysHudson’s Bay’s lingering malaise despite multiple asset sales, store closures and turnaround efforts plays into Baker’s argument that management will be better off outside the glare of markets as the industry struggles to lure online savvy consumers to brick-and-mortar stores.Hudson’s Bay, which supports the deal led by Baker and his allies, is trying to convince shareholders to vote in favor on Dec. 17. Private-equity firm Catalyst Capital Group Inc., which owns a 17.5% stake and put forth a higher proposal that was rejected, wants to block the sale.A sweeping merchandise dust-off at Hudson’s Bay, the eponymous chain in Canada that’s the oldest company in North America, has yet to bear fruit. Comparable sales dropped 3.9%.Saks OFF 5th, which Hudson’s Bay has tried to turn into a stronger competitor to the likes of Nordstrom Inc.’s Rack, was the lone bright spot, with sales up 4.9%.Saks Fifth, the luxury chain, is showing signs of improvement this quarter, with business “quite strong” in the last eight weeks, Chief Executive Officer Helena Foulkes told analysts Tuesday.Market ReactionCatalyst’s proposal of C$11 a share represents a 6.8% premium to the C$10.30 a share that Baker and his partners agreed to pay in October. Hudson’s Bay’s special committee rejected the Catalyst bid in part because Baker and his allies, who own about 57% of shares, have indicated they won’t sell. HBC dropped for a sixth day in Toronto, down 0.9% to C$8.96. That’s well below both offer prices, suggesting investors are concerned the bids may fail.To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Lisa WolfsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Hudson's Bay director says ISS report critical of buyout plan "misleading"

    On Friday, the proxy advisory firm recommended that minority shareholders vote on Dec. 17 against a C$1.9 billion ($1.4 billion) plan to sell the Saks Fifth Avenue owner to a consortium led by executive chairman Richard Baker, on the grounds the committee could have pushed for a better deal. "ISS has factual errors in its report we would like corrected, because they are misleading shareholders," David Leith, who chaired the special board committee, told Reuters in an interview.

  • Bloomberg

    Hudson’s Bay Slams ISS Report Advising Against Go-Private Bid

    (Bloomberg) -- Hudson’s Bay Co. disparaged a shareholder advisory firm’s report that came out against Chairman Richard Baker’s plan to take the retailer private, calling the study “flawed” and reiterating a call to support the deal.Institutional Shareholder Services Inc. on Friday urged investors to vote against Baker and his partners’ plans to take the owner of Saks Fifth Avenue private for C$1.9 billion ($1.4 billion). In a statement Monday, HBC’s special committee defended its decision to reject a higher competing offer from one of Hudson’s Bay’s biggest shareholder.The Baker offer “is the only offer available to minority shareholders and provides immediate and certain value at a significant market premium,” said David Leith, the board’s special committee chairman. “ISS acknowledges there is meaningful downside risk if shareholders do not approve this transaction.”Baker and his partners, who collectively own a 57% stake in Hudson’s Bay, reached an agreement to buy the Toronto-based retailer in October for C$10.30 a share. The takeover was unanimously supported by the company’s board and is subject to a vote on Dec. 17 that requires the support of most of the minority holders.The vote pits Baker against private-equity firm Catalyst Capital Group Inc., which owns a 17.5% stake and put forth a rival C$11-a-share proposal. The special committee rejected it as “not reasonably capable of being consummated” because Baker and his allies don’t intend to sell their stake, which would in effect kill the offer.In its report, ISS said Hudson’s Bay offered no clear reason why shareholders should accept the deal when Catalyst offered a higher price. Hudson’s Bay disputed ISS’ rationale, saying an offer is only superior if it can reasonably be completed.“To terminate the existing agreement otherwise would leave shareholders without the ability to vote on the transaction contemplated by the existing agreement, and with no prospect of having their shares acquired in another transaction,” the committee said.To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Lisa Wolfson, Jonathan RoederFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Proxy adviser ISS opposes plan by Hudson's Bay chairman to take firm private
    Reuters

    Proxy adviser ISS opposes plan by Hudson's Bay chairman to take firm private

    In October, Hudson's Bay agreed to a C$1.9 billion ($1.4 billion) offer worth C$10.30 per share from shareholders led by Chairman Richard Baker. The group, which collectively owns 57% of Hudson's Bay, includes private equity firm Rhone Capital LLC and office-space sharing start-up WeWork's property arm. Private equity firm Catalyst Capital Group Inc, which owns 17.5% of Hudson's Bay and was unhappy with the bid by the Baker-led consortium, offered C$11 per share in November.

  • Hudson's Bay director says insiders' offer is only deal on the table
    Reuters

    Hudson's Bay director says insiders' offer is only deal on the table

    The Hudson's Bay Co director who led the Saks Fifth Avenue owner's negotiations to sell itself to a group of controlling shareholders said on Wednesday that the C$1.9 billion ($1.4 billion) deal was the only one available. David Leith, chairman of Hudson's Bay's special board committee that negotiated the sale to a buyout consortium led by the company's executive chairman, Richard Baker, said in an interview that a rival C$2.03 billion offer for the retailer by Canadian private equity firm Catalyst Capital Group Inc was not a choice available to Hudson's Bay shareholders.

  • Bloomberg

    Hudson’s Bay Confident of Approval for Chairman’s Buyout Bid

    (Bloomberg) -- Hudson’s Bay Co. is optimistic shareholders will endorse a take-private offer from its chairman when it comes to a vote this month, according to the chairman of a special committee formed by the struggling retailer.“We are confident in the end that we will get the vote because it’s a rational decision to make,” said David Leith, the head of the committee reviewing the chairman’s bid as well as a competing offer from one of Hudson’s Bay’s biggest shareholders.The Dec. 17 shareholder vote pits Chairman Richard Baker, whose bid was backed by the board in October, against private-equity firm Catalyst Capital Group Inc., which made a higher offer that was rejected by Leith’s committee as “not reasonably capable of being consummated.” Catalyst wants to block the Baker deal, which requires support of the majority of minority shareholders.Leith, who spoke publicly for the first time since the committee was formed, said he’s concerned the complexity of the transaction and the barrage of statements between the rival bidders has made it hard for retail investors to make up their mind.The board has supported the Baker offer to turn the owner of Saks Fifth Avenue around outside the glare of public markets as retailers try to find relevance in the era of e-commerce. Fixes will take a while and be expensive, said Leith, a former investment banker at Canadian Imperial Bank of Commerce.“This was not a circumstance where we came up and said ‘we want to sell Hudson’s Bay and we want the best offer,’” he said. “This was the circumstance where an insider said ‘we are committed to the long term of Hudson’s Bay.’”Catalyst OfferCatalyst’s proposal of C$11 a share represents a 6.8% premium to the C$10.30 a share that Baker and his partners agreed to pay in October. The special committee rejected the Catalyst bid in part because Baker and his allies, who own about 57% of shares, have indicated they won’t sell. HBC declined for a second day Wednesday, closing at C$9.24 in Toronto. That’s well below both offer prices, suggesting investors are concerned the bids may fail.“The controlling shareholders never put the company up for sale, nor did we put the company up for sale,” Leith said in a phone interview Wednesday.The Baker group’s bid to win over the bulk of minority holders could prove challenging with Catalyst holding 17.5% of the common stock. Only the common shares are subject to the vote by minority holders, according to a regulatory filing.As of the record date, there were roughly 184 million common shares outstanding, of which the Baker group held about 83.6 million, or 45.3%, the filing shows. That leaves roughly 100 million shares that will be counted, of which Catalyst owns about 32.3%.Catalyst, the distressed debt firm run by Newton Glassman, has appealed to the Ontario Securities Commission to halt the Baker offer, which they say was made with “inadequate and inaccurate” disclosure to shareholders. The regulator has agreed to hold a hearing on the matter Thursday in Toronto.To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Jonathan RoederFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg

    Hudson’s Bay Rejects $1.5 Billion Bid From Catalyst Capital

    (Bloomberg) -- A special committee at Hudson’s Bay Co. rejected an offer by private-equity firm Catalyst Capital Group Inc. that values the Canadian retailer at more than C$2 billion ($1.5 billion), giving the upper hand to a lower bid by the company’s chairman.The offer presented last week by Catalyst is “not reasonably capable of being consummated,” the committee said in a statement late Monday. Catalyst’s proposal of C$11 a share represented a 6.8% premium to the C$10.30 a share that Hudson’s Bay Chairman Richard Baker and his partners agreed to pay in October, and which the committee and the board backed.Baker and his allies confirmed that they weren’t interested in any transaction that would result in the sale of their interest in Hudson’s Bay, the committee said in its statement. Since the group owns 57%, and the Catalyst offer requires at least three-quarters of votes, it means the transaction can’t be completed, the committee said.Hudson’s Bay fell as much as 6.6%, the largest drop in nearly a year. They were trading at C$9.25 a share, down 5%, as of 10:48 a.m. in Toronto, giving the company a market value of about C$1.7 billion.The response is the latest twist in the battle for the struggling retailer, which Baker said he wants to turn around outside the glare of public markets. The rivalry next moves to Dec. 17, when shareholders are set to vote on Baker’s offer.The Baker group requires a majority of the minority holders to support the deal at the meeting, which could prove challenging with Catalyst holding 17.5% of the common stock in the company. Only the common shares are subject to the vote by minority holders, according to a regulatory filing.As of the record date, there were roughly 184 million common shares outstanding, of which the Baker group held about 83.6 million, or 45.3%, the filing shows. That leaves roughly 100 million shares that will be counted, of which Catalyst owns roughly 32.3%. Compounding the issue is that only those votes cast at the meeting will be counted, and seldom do all shareholders cast their votes at such meetings.Catalyst ResponseCatalyst said in a statement late Monday that it filed for a hearing with the Ontario Securities Commission, seeking to prohibit the Baker group transaction and postpone the Dec. 17 vote. Catalyst asked the OSC’s assistance to redress what it claims are inadequate and inaccurate disclosures to shareholders.The Toronto-based investment firm run by Newton Glassman has urged fellow shareholders to vote against the Baker offer, saying it undervalues the department store chain.Catalyst is concerned about the value Hudson’s Bay has recently ascribed to its real estate, which amounted to about C$8.75 a share, people familiar with the matter told Bloomberg last week. In particular, it’s questioning why the value of the retailer’s flagship Saks Fifth Avenue store in Manhattan fell sharply in a recent appraisal, they said.The Baker group shot back at the Catalyst offer early Tuesday, calling it an “illusory” bid that would saddle the company with debt.“Catalyst’s reckless financing plans would swiftly add the company to the long list of retailers that have been forced to close their doors, shed jobs and impact pensioners,” the group said in a statement. “Catalyst has a track record of failing to execute on its promises and of engaging in conduct that is viewed critically by many participants in the capital markets.”‘Final Offer’The special committee of independent directors was formed in June by the Hudson’s Bay board to evaluate Baker’s proposal with help from financial and real estate experts. In the past few weeks, the company went out of its way to win support for the offer, releasing hundreds of pages of documents, including building-by-building appraisals.Baker said the terms of the deal it reached in October would be its “best and final offer.”Hudson’s Bay shares have plunged by about two-thirds in the past five years as the company has faced growing competition from sellers like Amazon.com Inc., joining other department store chains that are losing ground to online shopping.(Updates with share price in fifth paragraph, additional details starting in eighth)\--With assistance from David Scanlan.To contact the reporters on this story: Sandrine Rastello in Montreal at srastello@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net, Jeff Sutherland, Rachel ChangFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Hudson's Bay special committee says Catalyst bid not 'superior'

    Private equity firm Catalyst Capital Group Inc's unsolicited bid for Hudson's Bay Co is not "superior" to an agreed upon deal with a consortium led by its executive chairman, the Canadian retailer's special committee said on Monday. Catalyst, which already owns about 17.5% of the company, last week made a competing bid of C$11 per share for the Saks Fifth Avenue owner, challenging the C$10.30 per share offer of the group led by executive chairman Richard Baker. Catalyst said late Monday it has filed a notice with the Ontario Securities Commission to review Baker's offer.

  • Reuters

    Hudson's Bay special committee says Catalyst bid not 'superior'

    Catalyst, which already owns about 17.5% of the company, last week made a competing bid of C$11 per share for the Saks Fifth Avenue owner, challenging the C$10.30 per share offer of the group led by executive chairman Richard Baker. Catalyst said late Monday it has filed a notice with the Ontario Securities Commission to review Baker's offer.

  • PR Newswire

    Catalyst Applies for Hearing with Ontario Securities Commission to Review Richard Baker's Transaction with Hudson's Bay Company

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") has filed a notice of application for a hearing with the Ontario Securities Commission (the "OSC") in relation to the October 20, 2019 agreement (the "Arrangement Agreement") between Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") and certain insiders led by Mr. Richard Baker (the "Baker Group").

  • PR Newswire

    Catalyst Provides Update on its Superior Offer to Acquire Hudson's Bay Company for $11 per Common Share in Cash

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") today provided an update on its offer to acquire all of the issued and outstanding shares of Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") for cash consideration of $11.00 per common share (a "Common Share").

  • Bloomberg

    Catalyst Makes $1.5 Billion Rival Bid for Hudson’s Bay

    (Bloomberg) -- One of Hudson’s Bay Co.’s largest shareholders has made an offer to acquire the retailer that values the company at more than C$2 billion ($1.5 billion), topping a rival offer from a group led by the company’s chairman.Catalyst Capital Group Inc., which holds a 17.5% stake in the owner of Saks Fifth Avenue, offered C$11 a share in cash Wednesday for the rest of the company, according to a statement, confirming a Bloomberg News report. Its offer is fully financed and would be subject to customary due diligence, Catalyst said.The proposal represents a 6.8% premium to the C$10.30 a share that Hudson’s Bay Chairman Richard Baker and his partners agreed to pay last month.Hudson’s Bay acknowledged in a statement it has received the proposal from Catalyst and that no action was required by shareholders at this time.“The special committee of the HBC board of directors will review the offer in consultation with its independent financial and legal advisors to determine the course of action that is in the best interests of HBC and the minority shareholders,” it said.Catalyst has also filed a complaint with the Ontario Securities Commission regarding the conduct of the Baker consortium and Hudson’s Bay, according to the statement.“Their actions are contrary to the public interest, including misrepresentations in circular and other potential securities law violations and a deeply flawed process,” Catalyst said.Catalyst is urging fellow shareholders to vote against the Baker bid at a Dec. 17 meeting. The deal requires the majority of minority holders to support the transaction. The Canadian private equity firm said it believes its own deal could be voted on and closed by February.The offer triggered a war of words between the competing parties.“We believe Catalyst’s ‘offer’ is in fact a highly conditional, non-binding and non-executable proposal that is not supported by fully committed financing, and is intended to mislead HBC shareholders,” the Baker group said in a statement. The group said it is confident that shareholders will recognize the value of its offer.Catalyst fired back through a spokesman that the process by which Baker’s group reached an agreement to acquire Hudson’s Bay was “rigged,” and stated that the special committee of the board can open the process to Catalyst and other bidders. It said it had “strong international banks and financial instructions” committed to supporting its efforts.Catalyst, a Toronto-based investment firm run by Newton Glassman, has opposed the Baker bid, saying it undervalues the department store chain. Catalyst is concerned about the value the company has recently ascribed to its real estate, which amounted to about C$8.75 a share, the people said. In particular, it’s questioning why the value of its flagship Saks Fifth Avenue store fell sharply in a recent appraisal, they said.Hudson’s Bay rose as high as 14% on the news. The shares were up 12.6% to C$9.94 at 3:23 p.m. in Toronto trading, giving the company a market value of about C$1.8 billion. Prior to Catalyst making its offer, shares in Hudson’s Bay had fallen 2.6% through Tuesday’s close of C$8.83 a share, indicating uncertainty that the Baker group would win sufficient support from minority holders for its bid.Winning support for its proposal might prove a challenge for Catalyst despite the higher terms. Baker and his partners, who collectively own a 57% stake in the Toronto-based company, said when they originally proposed taking Hudson’s Bay private in June for C$9.45 a share that they weren’t interested in alternative transactions.The group was subsequently forced to raise its bid after opposition mounted from minority holders, including Catalyst and activist investor Jonathan Litt’s Land & Buildings Investment Management.Land & Buildings said in a statement it was encouraged by the rival bid and is interested in financially participating in this transaction should Catalyst move forward with it.Catalyst said it will allow shareholders to participate in its offer as equity sponsors and that it supports other approaches that could deliver higher value for investors.Baker said the terms of the deal it reached in October would be its “best and final offer.” The deal with Baker isn’t subject to any termination fees and has the unanimous support of Hudson’s Bay’s board, according to a regulatory filing.No Other BiddersThe board committee reviewing the transaction said in the filing it didn’t receive any written expressions of interest from other parties since Baker’s group went public with its offer.The board committee said it supported the Baker group takeover in part because of the company’s recent performance and the low probability another bidder would emerge given the Baker group’s stated lack of interest in an alternative deal.Baker is trying to take the company private in a bid to turn around the struggling retailer, which faces growing competition from sellers like Amazon.com Inc. The stock has plunged by about two-thirds in the past five years, joining other department store chains that are losing ground to online shopping.For much of the 20th century, Canadians had plenty of reasons to shop at the Bay, a storied company whose 349-year history is deeply entwined with that of the nation. North America’s oldest company began as a fur trader founded by two French adventurers and their influential British backers.(Updates with company comment in paragraph four, additional details starting paragraph eight)To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks, David ScanlanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • MarketWatch

    Hudson's Bay gets a second offer to go private from Catalyst Capital for C$11-per-share acquisition

    Saks Fifth Avenue parent Hudson's Bay Co. has gotten an C$11-per-share (US$8.29 per share) acquisition offer from Capital Group, which currently owns 32.2 million shares of the retail company. That represents about 17.48% of outstanding stock. The offer comes after Hudson's Bay agreed to be taken private by a group of shareholders led by Baker Group for C$10.30 per share in October. Catalyst Capital calls that an "insider issuer bid." "Catalyst believes the insider issuer bid is inadequate and undervalues the company on multiple metrics," Catalyst Capital said in a release. Catalyst has concerns about the Baker Group bid, for example calling it "troubling" that Baker Group made an initial offer of C$9.45 soon after a June transaction with Hudson's Bay's European partner Signa. Catalyst says it's prepared to make a higher offer. Hudson's Bay stock is up 21.1% for the year to date while the S&P 500 index is up 25.3% for the period.

  • Reuters

    UPDATE 1-Shareholder Catalyst tops Baker's C$1.9 bln offer for Hudson's Bay

    Catalyst Capital Group Inc on Wednesday offered to buy Hudson's Bay Co in deal that valued it at C$2.03 billion ($1.53 billion), challenging the Canadian retailer's agreed deal with a consortium led by its executive chairman, Richard Baker. Private equity firm Catalyst, which owns 17.5% of Hudson's Bay, has offered C$11 per share, topping Baker's raised C$10.30 per share proposal. Baker's consortium already owns 57% of Hudson's Bay and has previously informed the company it would block a sale to another party.

  • PR Newswire

    Catalyst Presents Superior Offer to Acquire Hudson's Bay Company for $11 per Common Share in Cash

    The Catalyst Capital Group Inc., on behalf of investment funds managed by it, ("Catalyst") today announced that it has offered to acquire all of the issued and outstanding shares of Hudson's Bay Company (TSX: HBC) ("HBC" or the "Company") for cash consideration of $11.00 per common share (a "Common Share").