Commodities

Private equity firm Catalyst now holds about 16% of Hudson's Bay shares -source

Credit: REUTERS/© Chris Helgren / Reuters

Catalyst Capital Group Inc now holds roughly 16% of Hudson's Bay Co shares after investors participated in its tender offer, bolstering the buyout firm's position against a take-private deal, a source familiar with the matter said on Tuesday.

NEW YORK, Sept 10 (Reuters) - Catalyst Capital Group Inc now holds roughly 16% of Hudson's Bay Co HBC.TO shares after investors participated in its tender offer, bolstering the buyout firm's position against a take-private deal, a source familiar with the matter said on Tuesday.

Catalyst said in August it had acquired about 10% of the department store retailer's stock, but had not disclosed its initial stake. The private equity firm will continue opposing a C$1.74 billion offer from Hudson's Bay's executive chairman, Richard Baker, the source said.

Catalyst's total stake in the retailer has not yet been disclosed.

Hudson's Bay did not immediately respond to a request for comment.

(Reporting by Jessica DiNapoli; editing by Jonathan Oatis)

((Jessica.DiNapoli@thomsonreuters.com; 646-223-4678;))

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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