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HBC Majority Shareholders, Catalyst Near Deal Over Higher Offer

The continuing shareholders of Hudson’s Bay Co. Inc. and Catalyst Capital Group are close to reaching an agreement that would see Catalyst support a higher bid from the continuing shareholders to take the retailer private, WWD has learned. Sources said Catalyst is working with the continuing shareholders, led by HBC executive chairman Richard Baker, who hold a majority of the retailer, to enter into an agreement to support an offer that would be an amount greater than the $10.30 Canadian that Baker’s group originally offered. The amount of the new bid could not immediately be learned. A deal is expected to be concluded within the next 24 to 48 hours, sources said. Neither Baker nor representatives of Catalyst could be reached for comment at presstime. However, it is understood the continuing shareholders, who represent 57 percent of HBC’s shares, the special committee of HBC directors chosen to assess the offers and Catalyst, which holds a significant minority of HBC, have been in discussions for the last week about a possible deal “This would be a big win for Catalyst, especially considering the weak retail environment in Canada at this time,” one source said. Baker and his group made their offer of $10.30 Canadian to take

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