The battle over the Hudson Bay Co. heated up Tuesday with the special committee of the board of directors denouncing a bid by The Catalyst Capital Group to acquire the company as “not reasonably capable of being consummated.”
The HBC committee has already given a thumbs-up on the $10.30 per share bid by Richard Baker, HBC’s executive chairman, partnering with other key shareholders who combined own 57 percent of the shares of the company.
But last Friday, Catalyst proposed an $11-per-share offer for the company. The figures are in Canadian dollars.
In response, HBC on Tuesday stated that the special committee gave “careful consideration” to the Catalyst proposal including how it would be financed, how it would undergo the due diligence, and other matters.
Baker’s group, referred to as the “continuing shareholders,” informed the special committee on Tuesday that they are not interested in any transaction that would result in a sale of their interests in HBC.
Basically, Baker’s group said accept its all-cash, $10.30 offer to take HBC private, or let HBC remain as a public company. Baker’s group of shareholders includes Rhône Capital, WeWork Property Advisors, Hanover Investments (Luxembourg) and Abrams Capital Management.
The group also said Catalyst’s offer is “incapable” of being completed
The HBC committee has already given a thumbs-up on the $10.30 per share bid by Richard Baker, HBC’s executive chairman, partnering with other key shareholders who combined own 57 percent of the shares of the company.
But last Friday, Catalyst proposed an $11-per-share offer for the company. The figures are in Canadian dollars.
In response, HBC on Tuesday stated that the special committee gave “careful consideration” to the Catalyst proposal including how it would be financed, how it would undergo the due diligence, and other matters.
Baker’s group, referred to as the “continuing shareholders,” informed the special committee on Tuesday that they are not interested in any transaction that would result in a sale of their interests in HBC.
Basically, Baker’s group said accept its all-cash, $10.30 offer to take HBC private, or let HBC remain as a public company. Baker’s group of shareholders includes Rhône Capital, WeWork Property Advisors, Hanover Investments (Luxembourg) and Abrams Capital Management.
The group also said Catalyst’s offer is “incapable” of being completed