Hudson's Bay shareholder Catalyst opposes go private deal

This post was originally published on this site

(Reuters) – Hudson’s Bay Co (TO:) shareholder Catalyst Capital Group Inc has opposed an agreed deal by the struggling Canadian department store operator with a group led by executive chairman Richard Baker to be taken private.

Catalyst and other shareholders holding about 28.24% of shares of Hudson’s Bay intend to vote against the agreement, the firm said on Thursday.

The group urged the Hudson Bay’s board to explore alternatives, and said it was “aware of a number of strategic investors that are interested in participating in a process that is open and not constructed to benefit an insider.”

Saks Fifth Avenue owner Hudson’s Bay earlier this month agreed to a sweetened C$1.9 billion ($1.5 billion) offer from the shareholder group.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.