TORONTO ― Hudson’s Bay Co.’s board of directors has rejected Catalyst Capital Group’s $2 billion takeover proposal, which it says has no prospect of swaying the majority stake controlled by Chairman Richard Baker. Catalyst offered $11 per share to compete with the Baker-controlled group’s $10.30-per-share bid to take the company private. The majority, however, has said it has no intention of selling. Catalyst is not out of options yet, though: it is still pursuing an application to the Ontario Securities Commission for a hearing into what it calls “numerous omissions and misrepresentations” in the information circular on the Baker group’s bid.
HBC board nixes Catalyst bid
Most Recent
Most Read
RONA completes sale of DC near Montreal
Fri, April 19th, 2024
Home Hardware marks 60 years
Fri, April 19th, 2024
Retail Council event will tackle HR questions
Fri, April 19th, 2024
Construction spending slips in February
Fri, April 19th, 2024
Wolseley adds a store in British Columbia
Thu, April 18th, 2024
Canadian Tire voted one of Canada's most trusted brands
Thu, April 18th, 2024
Amazon's European shipments will ride the rails
Thu, April 18th, 2024
Throwback Thursday: Ten years ago we reported on the giant salaries that CEOs were paid
Thu, April 18th, 2024
Federal budget: Capital gains tax hike will hit business owners
Wed, April 17th, 2024
Retailers among Canada’s Greenest Employers
Wed, April 17th, 2024