Hudson’s Bay Stock Jumps 17% on Renewed Deal Hopes

Hudson’s Bay Co. received a New Year’s Eve jolt, jumping 17.4 percent on a WWD report that executive chairman Richard Baker and a group of shareholders were close to sealing a deal to take the parent of Saks Fifth Avenue private.  The stock, which trades in Canadian dollars on the Toronto Stock Exchange, was up $1.42 to $9.59 in mid-morning trading.  WWD reported late Monday that Baker and his associates, who collectively own a majority of the retailer’s shares, were nearing a deal with Catalyst Capital Group that would pave the way for a buyout at a higher price than previously offered.  The group holds 57 percent of Hudson’s Bay’s stock and initially proposed using proceeds from the 1 billion euro sale of the company’s European operations to buy out the minority holders at $9.45 a share. That price was later upped to $10.30 a share, or $1.9 billion — a price that was ultimately accepted by a special committee of the Canadian retailer’s board.  The deal had to be approved by a majority of the minority holders and Catalyst pushed for a higher price from the majority holders and even tabled its own offer of $11 a share.  That competing offer wasn’t seen as

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