Baker raises HBC bid, winning over Catalyst

TORONTO — The majority shareholder group led by Chairman Richard Baker has sweetened its offer to take Hudson’s Bay Co. private. The group is now offering $11 per share, compared with its original bid of $10.30. The increase has overcome the objections of minority shareholder Catalyst Capital Group, which considered the original offer to fall short of HBC’s value. A vote on the deal is expected for February, and would require 75% of shareholder votes as well as a simple majority of votes by minority shareholders. Catalyst’s acquiescence is subject to certain conditions, including the carrying out of a new formal valuation by TD Securities.