Catalyst Capital makes rival bid for HBC

TORONTO ― Catalyst Capital Group is countering Hudson’s Bay Co. Chairman Richard Baker’s bid to take over Canada’s oldest company with its own offer. The investment firm, which currently holds a 17.5% stake in HBC, is offering $11 cash per share, compared to Baker’s $10.30. At the same time, Catalyst filed a complaint about the Baker-led group’s bid with the Ontario Securities Commission, which it says is the result of a flawed process.