Hudson's Bay chairman considers sweetened bid for retailer

Credit: REUTERS/© Mark Blinch / Reuters

By Jessica DiNapoli

Dec 31 (Reuters) - Hudson's Bay Co HBC.TO Chairman Richard Baker and his partners have approached the retailer's minority stockholders, including bidding rival Catalyst Capital, to potentially raise their take-private bid, a source familiar with the mattersaid on Tuesday.

Baker and his partners have floated the idea of increasing their bid to around C$11 per share, from a prior offer of C$10.30, about the same price Catalyst Capital Group offered for the Saks Fifth Avenue owner, the source said. (

The offer is not final or definite, the source added.

Reuters earlier this month reported the Baker-led buyout consortium did not win enough votes from other company shareholders by the Dec. 13 morning deadline ahead of a Dec. 17 special meeting.

Hudson's Bay, which was up 18% at C$9.64, did not immediately respond to a Reuters request for comment.

(Reporting by in Praveen Paramasivam in Bengaluru and Jessica DiNapoli; Editing by Shounak Dasgupta and Aditya Soni)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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