|Bid||10.90 x 0|
|Ask||10.91 x 0|
|Day's Range||10.89 - 10.91|
|52 Week Range||6.22 - 10.91|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar. 31, 2020 - Apr. 05, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||11.10|
(Bloomberg) -- At first blush, it looks like Newton Glassman, Canada’s distressed debt king, capped a forgettable 2019 with two massive wins.Just two days after Christmas, Glassman’s Catalyst Capital Group Inc. sold its Canadian casino company, almost eight years after it first tried to exit its investment. A week later, Catalyst persuaded an investment group to sweeten its offer a second time for Hudson’s Bay Co., likely ending a six-month battle over the Saks Fifth Avenue owner.A closer look shows that while the HBC transaction may yield double-digit gains for Catalyst, the Gateway deal won’t result in any significant windfall for its backers. Some of these investors had already been reluctant to invest fresh cash into the private equity firm, according to people familiar with the matter, including four who were sounded out starting in 2017 on plans for a potential new fund.Catalyst has owned Gateway Casinos & Entertainment Ltd., one of Canada’s biggest gaming companies with 25 properties, since 2009. After at least two looks at going public, it filed for an initial public offering in November 2018, targeting a total valuation of as much as C$2.5 billion ($1.9 billion), a person familiar with the matter said at the time.That’s a far cry from the sale announced this month with Leisure Acquisition Co., known as a special purpose acquisition company. It values the combined entity at C$1.46 billion, with debt. Looking at it another way, Catalyst’s 30% equity stake in the new firm is worth about $132 million, according to the deal metrics released this month. As recently as the third quarter of 2019, Catalyst said its 74% stake was worth more than $750 million, according to a report sent to investors.A representative for Toronto-based Catalyst said these numbers “are wrong and don’t reflect important aspects of the transaction in terms of the structure, equity, cash, non-participating assets and the value delivered to Catalyst LPs over the last six years through refinancings and other transactions.” The firm is under restrictions to comment given the marketing of the Gateway transaction.Sweeter BidOn the proposed Hudson’s Bay deal, Glassman scored a major win for minority shareholders by prompting a higher bid from a group led by Chairman Richard Baker. Catalyst accumulated shares over the summer, amassing a 17.5% stake to fight for a better price, while appealing to the Ontario Securities Commission for a delay in the shareholder vote.Based on the sweetened Baker offer of C$11 a share, Catalyst would post a return of 8.8% on the shares it bought in August. Catalyst also snapped up stock sold by the Ontario Teachers’ Pension Plan in June for C$9.45 a piece, resulting in a potential 16% gain.Still, Catalyst missed much of the upside in the stock by buying the bulk of its shares after Baker’s first bid in June at C$9.45 each. Before that offer, the stock traded as low as C$6.22 on June 7.The Catalyst representative said that “should the transaction be completed, the return will be materially higher than what Bloomberg’s calculation attempts to show.” He said the calculation is missing several key data points.Tough YearThe potential deals follow a tough year for Catalyst, which specializes in buying the debt of troubled companies -- a world Glassman once described as a “blood sport.” His publicly traded debt unit -- Callidus Capital Corp. -- was taken private for just 75 cents a share in October after mounting losses from bad loans pushed it to the brink of insolvency. Catalyst, which owns 70% of Callidus, took the lender public in 2014 at C$14 a share.“It’s clear it is a sad story and nobody is trying to put a different spin on it,” David Sutin, chair of the special committee of Callidus’s board, said after shareholders approved the bid from U.K. billionaire Joe Lewis to buy out minority shareholders for about C$5 million.In numerous court filings over the years, Catalyst has blamed Callidus’s woes on a systematic attack by dozens of Bay Street short-sellers, dubbing them the “Wolfpack conspirators.” Callidus said in a recent regulatory filing that the shorts sought to “materially impair” its business, which hurt its ability to originate new loans and raise financing.Some Catalyst investors have since grown cautious, worried that the troubles at Callidus Capital could spill over to the private equity firm, according to people familiar with the situation. They showed little appetite to put more money into a potential new fund -- what would have been the firm’s sixth -- that Glassman had planned to raise in 2017, according to several people familiar with the plan, including those who were sounded out on the fund. Plans for the so-called Fund VI were referenced in a report for a fund annual meeting on April 4, 2017. The fund was never put in place, and no papers were filed.The Catalyst representative said the firm never attempted to raise money for a new fund, calling it “completely false.” The terms of its previous fund, Fund V, restricted it from initiating fundraising.“This is an attempt to express a failure in something that has never occurred,” the official said.Investors in the earlier Fund III are now being asked to wait another year to get their money back, giving Catalyst more time to sell assets including Advantage Rent A Car, according to a fund update sent to backers last month. The $1 billion fund is now targeting the end of 2020 for a return of money, rather than the end of 2019, according to the update. The fund was started in 2009. Catalysts’ backers include a long list of blue-chip investors including the Rockefeller Foundation, which declined to comment for this article, and the Arizona State Retirement System, which didn’t respond to requests for comment.The Catalyst representative objected to this “misinformed characterization. The automatic one-year extension is not a delay, it is a contemplated aspect of our LP agreement as a means to allow for the maximization of returns, which has been agreed to, and supported by, our LPs.” LPs refer to limited partners in the funds.Ira Gluskin, a Canadian money manager and a former director of the University of Toronto’s asset management arm that invests with Catalyst, expressed his frustration at a conference last year, saying he is an “unhappy investor” who wants his money back, according to a Globe and Mail report at the time. Gluskin declined to comment for this story.To contact the reporter on this story: Paula Sambo in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Shannon D. Harrington at email@example.com, David Scanlan, Larry ReibsteinFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Hudson's Bay Co. appointed a little-known executive from abroad to lead the company's Hudson's Bay department store chain after a months-long global search.The retailer announced Iain Nairn started as Hudson's Bay president Sunday.He takes over for Alison Coville, who stepped down in February 2019. At the time, the company did not give a reason for her departure.Nairn comes to HBC from kikki.K, a global design and stationary business where he served as CEO.Prior to that he worked as the chief executive of David Jones, an Australian department store chain founded in 1838. He worked there for a year and a half, according to his LinkedIn profile.Both previous positions were based in Australia."It's my first role in Canada," said Nairn, who moved to Toronto before starting the new role. He likened the Toronto atmosphere to that in Australia, saying the people are open and personable.HBC chief executive Helena Foulkes views Nairn's life abroad — he grew up in the United Kingdom and lived for about the last 15 years in Australia —as a strength."I am excited that he brings a really global perspective," she said.The company took its time searching for Coville's replacement, said Foulkes."We looked across the globe. We were looking at leaders from many different countries, but also many different backgrounds. We looked at digital native type leaders, specialty store leaders. We didn't really have any preconceived notions of what we were looking for," she said, adding that Nairn "gets" the brand.She said he has a strong leadership quality with high energy and is a great listener."All of those are things you don't see on a resume, but at the end of the day were the differentiators for us as we made this decision to bring him on board."Nairn said he's been exposed to department stores since the beginning of his career and is excited to build on the work the HBC team has done so far."I think they've done a great job to date, to be honest," he said, outlining work on the company's e-commerce platform.During the company's last quarterly earnings call, Foulkes said the company has been focused on fixing fundamentals in this area, including site speed and streamlining the checkout process.Nairn joins the company as HBC looks to complete a privatization deal.Earlier this month, the company announced it entered into a deal with a group led by executive chairman Richard Baker to take the company private for $11 per share. The amended offer is $1.55 higher than the group's initial $9.45 per share bid.The amended offer also won the approval of dissident shareholder Catalyst Capital Group Inc., which controls about 17.5 per cent of the company's common shares. It entered into a voting and support agreement with HBC and the continuing shareholders behind the bid. Catalyst retains the right to withdraw its support under certain circumstances.Nairn said whether the company remains public or becomes private doesn't make much of a difference to his role.The strategy will remain the strategy, he said.Foulkes agreed the go private deal likely won't have much of an impact on Nairn."If anything, he won't have the pressure of quarterly earnings and can really focus his team on what are the right moves for the long run."This report by The Canadian Press was first published Jan. 13, 2020.— With files from Tara DeschampsCompanies in this story: (TSX:HBC)Aleksandra Sagan, The Canadian Press
Hudson’s Bay Company (TSX: HBC) today announced that Iain Nairn has been appointed President, Hudson’s Bay, effective January 12th, 2020. A highly-accomplished retail executive, Mr. Nairn has a remarkable track record of driving profitable growth and transformational change at a wide variety of retailers, from specialty to department store formats. He reports directly to Helena Foulkes, CEO, HBC.
There are two TSX market movers in Canada that you should undoubtedly add to your list of stocks to buy in January including BlackBerry Ltd (TSX:BB)(NYSE:BB).
Shares in Hudson's Bay Co. jumped nearly 10 per cent in Monday trading after a deal that appeared to put a months-long privatization battle to rest.HBC shares closed up 96 cents, or 9.72 per cent, to $10.84 on the Toronto Stock Exchange Monday.The lift came after a group led by HBC executive chairman Richard Baker boosted its privatization offer for the retailer to $11 per share late Friday night.The amended offer won the approval of dissident shareholder Catalyst Capital Group Inc., which controls about 17.5 per cent of the company's common shares. The minority shareholder entered into a voting and support agreement with HBC and the continuing shareholders behind the privatization offer.Catalyst is "pleased" to support this offer, which is "well above" the Baker-led group's first proposed price of $9.45 per share, said Gabriel de Alba, managing director and partner of Catalyst, in a statement released Friday.The private equity investment firm had made several moves to block the Baker group, including a counter offer of $11 per share and a successful trip to the Ontario Securities Commission, which directed HBC and the Baker group to provide more information before holding a shareholder vote.That vote is now expected to be held in February. For the Baker group to succeed, it will need to obtain at least 75 per cent of the votes cast by all shareholders and a simple majority of votes cast by minority shareholders, including Catalyst.Catalyst said it has the right to withdraw its support under certain circumstances, including if HBC does not file its amended management information circular and mail it to shareholders by Feb. 14.David Leith, chairman of a special committee of HBC's board of directors formed to review Baker's initial privatization bid and other offers, said he "would like to commend Catalyst on their constructive approach to getting a transaction agreed, which we believe is in the best interests of the company and minority shareholders."Mark Petrie, a CIBC World Markets analyst, wrote in a note Monday that the amended deal and agreement with Catalyst "removes the final roadblock to the go-private transaction."CIBC believes no competing bids are forthcoming and raised its price target for the company's shares from $10.25 to $11.A potential roadblock remains in a lawsuit filed at the Ontario Superior Court in early December.New York-based investment manager Ortelius Advisors L.P. and Pangaea Ventures L.P., an HBC shareholder, filed the suit against HBC, Baker and Rupert Acquisition L.L.C., which represents the continuing shareholders.The suit attempts to block the privatization bid.It alleges the offer is underpriced and that "the defendants have deliberately engaged in actions that have prevented a fair expression of HBC's market price through the deliberate timing of disclosures, misleading information and a structured bid that permits no competition," according to the document.None of the claims has been proven in court.A spokesperson for Ortelius said the firm is still proceeding with the litigation despite the development Friday.A representative for the Baker-led group said in a statement that they "have no additional comment at this time."This report by The Canadian Press was first published Jan. 6, 2020.Companies in this story: (TSX:HBC)Aleksandra Sagan, The Canadian Press
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:Toronto Stock Exchange (17,105.47, up 39.35 points.)The Toronto-Dominion Bank. (TSX:TD). Financials. Up one cent, or 0.01 per cent, to $73.37 on 8.4 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Down 14 cents, or 5.38 per cent, to $2.46 on 8.1 million shares.Hudson's Bay Company. (TSX:HBC). Consumer discretionary. Up 96 cents, or 9.72 per cent, to $10.84 on 8 million shares.Baytex Energy Corp. (TSX:BTE). Energy. Up 14 cents, or 7.18 per cent, to $2.09 on 7.7 million shares.Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up 40 cents, or 0.96 per cent, to $41.97 on 5.2 million shares.Encana Corp. (TSX:ECA). Energy. Up 14 cents, or 2.26 per cent, to $6.34 on 4.8 million shares. Companies in the news:Hudson's Bay Co. (TSX:HBC). Shares in Hudson's Bay Co. jumped after a deal that appeared to put a months-long privatization battle to rest. The lift came after a group led by HBC executive chairman Richard Baker boosted its privatization offer for the retailer to $11 per share late Friday night. The amended offer won the approval of dissident shareholder Catalyst Capital Group Inc., which controls about 17.5 per cent of the company's common shares. The minority shareholder entered into a voting and support agreement with HBC and the continuing shareholders behind the privatization offer.Newmont Corp. (TSX:NGT). Up 40 cents to $56.09. Newmont Corp. is boosting its quarterly dividend by 79 per cent while also dropping reference to Canadian company Goldcorp as part of a centenary-year rebranding. The Denver-based company says the dividend will increase to 25 cents per share. It was only in April last year that Newmont changed its name to Newmont Goldcorp Corp. after it closed a takeover of the Vancouver-based company in a US$10 billion all-stock deal. Newmont says its name is well recognized after almost a 100 years in operation, and that the update represents a natural step for the transformed company.Nutrien Ltd. (TSX:NTR). Up 46 cents to $61.30. Nutrien Ltd. says it has signed a deal to buy Brazilian company Agrosema Comercial Agricola Ltda. Financial terms of the deal were not immediately available. Nutrien says Agrosema has annual sales of roughly US$60 million across 12 farm centres with approximately 200 employees. The company says the acquisition complements its current retail operations in Brazil. Nutrien Ag Solutions has two main operations in Brazil including a central fertilizer blending facility in Itapetininga and six additional facilities. The company also owns Agrichem, which produces specialty liquid fertilizers in Brazil.This report by The Canadian Press was first published Jan. 6, 2020.The Canadian Press
(Bloomberg) -- Hudson’s Bay Co. minority shareholders including Catalyst Capital Group Inc. won a hard-fought battle to secure a higher price for the owner of Saks Fifth Avenue after Chairman Richard Baker and allies sweetened their offer a second time.The Baker group raised their take-private bid to C$11 a share late Friday, valuing the struggling Canadian retailer at about C$2 billion ($1.5 billion). That’s 16% higher than their original offer of C$9.45 apiece announced in June.Catalyst, a Toronto-based private equity firm run by Newton Glassman that had waged a campaign against the agreement and persuaded regulators to delay a shareholder vote, agreed to support the new deal. Hudson’s Bay jumped as much as 9.9% in Toronto trading Monday.The raised offer “delivers significantly more value for all minority shareholders, well above the original proposal,” said Gabriel de Alba, managing director and partner of Catalyst, in a separate statement.This “provides minority shareholders with compelling and immediate value and is supported by our largest minority shareholder,” said David Leith, the chairman of the board’s special committee formed last year to weigh in on the offer.Catalyst, which owns a 17.5% stake in the retailer, was a substantial hurdle for the controlling shareholders to overcome. The firm’s stake amounts to about 32% of the minority shareholder votes, and while Baker now has its support, the deal isn’t done.The private equity firm still has the right to terminate the agreement under certain circumstances, including if the amended circular for the planned February vote hasn’t been filed with regulators and mailed to shareholders by Feb. 14 or if it is substantially different than what has been communicated to Catalyst. Hudson’s Bay special committee also has to include fairness opinions from financial advisers, and an updated circular that includes a formal valuation where the lower end of the range is equal to or less than C$11 a share.Baker has said he wants to let the Canadian retailer attempt a turnaround outside the glare of public markets. While it has reduced debt after selling assets in Europe, the company is still struggling to boost sales at its eponymous chain in Canada, the oldest company in North America. Saks has also recently showed signs of weakening. The luxury retailer last month posted its first same-store sales decline in at least eight quarters.While the C$10.30-a-share offer was approved by the board in October, preliminary tallies showed the Baker group had fallen short of the necessary support from investors to proceed with the transaction, according to people familiar with the matter.Catalyst had made its own proposal at C$11 a share that was rejected by a special committee of the board because Baker’s group was adamant it wouldn’t tender its shares.Separately, Ortelius Advisors confirmed that it will still be proceeding with its litigation against Hudson’s Bay and Richard Baker over the deal, according to a representative for the New York-based investment firm that holds a 0.5% stake.(Updates share price move in third paragraph. A previous version of this story was corrected to say Hudson’s Bay special committee has to include fairness opinions from financial advisors, not the acquisition group.)\--With assistance from Linus Chua.To contact the reporters on this story: Sandrine Rastello in Montreal at firstname.lastname@example.org;Scott Deveau in New York at email@example.comTo contact the editors responsible for this story: Sally Bakewell at firstname.lastname@example.org, David Scanlan, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
TORONTO — A battle for control of the company that owns the Hudson's Bay and Saks Fifth Avenue retail chains seems to have ended with a victory for the Catalyst Capital Group, which has fought for months to get a better price from a shareholders group led by HBC executive chairman Richard Baker.Based on the latest offer, HBC's equity would be worth roughly $2 billion, about 11 per cent higher than its recent trading value on the Toronto Stock Exchange.Hudson's Bay Co. said Friday that Baker's group has raised its offer by 70 cents or 6.8 per cent, to $11 per share cash, and that Catalyst has conditionally agreed to sell its shares at that price.Catalyst said in a statement that it has the right to withdraw its support under certain circumstances, but indicated it was pleased with the higher price on the table.The new price "delivers significantly more value for all minority shareholders, well above the original proposal of $9.45 per share," Catalyst partner Gabriel de Alba said in a statement. The Baker group had raised its original offer offer to $10.30 per share in response to opposition but Catalyst had enough stock — 17.5 per cent of the total — to prevent a complete takeover that will allow the continuing shareholders to delist HBC from the public stock market.Catalyst had used various techniques to block the Baker group, including making a counter offer of $11 per share and a successful trip to the Ontario Securities Commission, which directed HBC and the Baker group to provide more information before holding a shareholder vote.That vote is now expected to be held in February. For the Baker group to succeed, it will need to obtain at least 75 per cent of the votes cast by all shareholders and at least a simple majority of votes by minority shareholders, including Catalyst.David Leith, chair of the committee considering the offers, said the new price provides minority shareholders with "compelling and immediate" value."I would like to commend Catalyst on their constructive approach to getting a transaction agreed which we believe is in the best interests of the company and the minority shareholders," Leith said in a statement.Despite the overall agreement between the warring factions, there are some conditions that would allow Catalyst to retract its support.Catalyst said that one condition is that TD Securities Inc. provides a new formal valuation of Hudson's Bay Co. prior to the vote and that "the lower end of the range of the fair market value of the HBC Shares is equal to or less than $11."The deal also requires HBC to mail and electronically post an amended management circular by Feb. 14 and that language in the circular complies with an OSC order issued Dec. 18.Friday's announcement comes days after there was an unconfirmed report of a deal that sent HBC shares soaring briefly above $10 on Tuesday. They closed Friday at $9.88 at the Toronto Stock Exchange.This report by The Canadian Press was first published Jan. 4, 2020.Companies in this story: (TSX:HBC)David Paddon, The Canadian Press
(Bloomberg) -- Hudson’s Bay Co. Chairman Richard Baker raised his offer to take the struggling retailer private, handing a victory to minority shareholders including Catalyst Capital Group Inc. that fought to derail the original bid.Hudson’s Bay said in a statement late Friday it agreed to a new bid by Baker and a group of allies, who together control the company. The offer was increased for a second time to C$11 ($8.46) a share from C$10.30. Baker’s first offer was for C$9.45 apiece in June.The new take-private bid values the owner of Saks Fifth Avenue at about C$2 billion. Catalyst, a Toronto-based private equity firm that had waged a campaign against the agreement and convinced the regulator to delay the vote, agreed to support the new deal.The raised offer “delivers significantly more value for all minority shareholders, well above the original proposal,” said Gabriel de Alba, managing director and partner of Catalyst, in a separate statement.This “provides minority shareholders with compelling and immediate value and is supported by our largest minority shareholder,” said David Leith, the chairman of the board’s special committee formed last year to weigh in on the offer.Catalyst, which owns a 17.5% stake in the retailer, was a substantial hurdle for the controlling shareholders to overcome. The Toronto-based firm’s stake amounts to about 32% of the minority shareholder votes, and its support now all-but-ensures the transaction will go through at a planned February vote.Baker has said he wants to let the Canadian retailer attempt a turnaround outside the glare of public markets. While it has reduced debt after selling assets in Europe, the company is still struggling to boost sales at its eponymous chain in Canada, the oldest company in North America. Saks has also recently showed signs of weakening. The luxury retailer last month posted its first same-store sales decline in at least eight quarters.The sweetened offer may further boost shares, which gained more than 20% this week after reports that Baker had approached minority shareholders about potentially raising the offer.While the C$10.30-a-share offer was approved by the board in October, preliminary tallies showed the Baker group had fallen short of the necessary support from investors to proceed with the transaction, according to people familiar with the matter.Catalyst, a private equity firm which is run by Newton Glassman, had made its own proposal at C$11 a share that was rejected by a special committee of the board because Baker’s group was adamant it wouldn’t tender its shares.To contact the reporters on this story: Sandrine Rastello in Montreal at email@example.com;Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Sally Bakewell at email@example.com, David Scanlan, Divya BaljiFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
TORONTO , Jan. 3, 2020 /CNW/ - The Catalyst Capital Group Inc., on behalf of investment funds managed by it, (" Catalyst ") today announced that it has entered into a voting and support agreement ...
Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company") today announced that it has entered into an amended arrangement agreement (the "Amended Arrangement Agreement") with a group of existing shareholders (the "Continuing Shareholders") under which the HBC common shares held by the Company’s other shareholders (the "Minority Shareholders") will be acquired by HBC for $11.00 in cash per share.
TORONTO — Hudson's Bay Co. says its chief financial officer will return from a medical leave tomorrow.HBC says in a statement Ed Record will resume his duties effective Dec. 20.Becky Roof will step down as interim CFO on his return.Record left in mid-June for a medical leave of absence.The company did not provide any additional information on his condition at the time.HBC says it appreciates Roof's contribution while Record was on leave.This report by The Canadian Press was first published Dec. 19, 2019.Companies in this story: (TSX:HBC)The Canadian Press
Hudson's Bay Company’s (TSX:HBC) Chief Financial Officer, Ed Record, will return from medical leave and resume his duties, effective December 20, 2019. With his return, Becky Roof, a Managing Director with AlixPartners LLC, will step down as Interim CFO.
Hudson's Bay Co. will postpone a shareholder vote on a takeover offer after an Ontario Securities Commission ruling and as a dissident shareholder threatens to "take additional steps" if the retailer fails to reconsider its higher-priced offer.The department store chain had scheduled a meeting for Dec. 17 for shareholders to decide on a $10.30 per share privatization offer led by HBC's executive chairman Richard Baker.The company has been recommending shareholders approve the transaction."The company intends to schedule a new date for the postponed special meeting of shareholders as soon as practicable," HBC said in a statement Monday.The retailer also will provide shareholders with an amended management information circular, it said, with additional information as required by the OSC.Catalyst Capital Group, a minority shareholder that controls about 17.5 per cent of HBC's common shares, initiated an OSC hearing seeking to block the Baker-led bid or, at least, require the retailer to amend its circular. Catalyst alleged HBC made several misrepresentations in the paperwork.The OSC on Friday rejected Catalyst's request to prevent the privatization offer, but granted its secondary request for amendments to the circular. The shareholder meeting can't proceed until the circular is changed and distributed, the OSC said."The OSC hearings have demonstrated that numerous questions remain unanswered and undisclosed, and the directors of HBC need to finally step up and be transparent," said Gabriel de Alba, managing director of Catalyst, in a statement released Sunday.He called for the disregard for minority shareholders and waste of their funds to come to an end, adding "minority shareholders have spoken and they do not believe that the (Baker-led bid) results in maximum value."Catalyst previously made an unsolicited offer of $11 per share to compete with Baker's bid. HBC's special committee, which was formed to review the executive chairman's offer, rejected the Catalyst bid after Baker's group, which controls about 57 per cent of HBC's shares, said it did not want to sell its interests in HBC.The private equity investment firm has maintained its offer remains on the table if shareholders vote down the Baker proposal. A spokesman has confirmed Catalyst has already voted no. The deadline to vote by proxy was Dec. 13.De Alba called on HBC to terminate its agreement with the Baker group and instead engage with Catalyst's superior offer."If the special committee does not act, Catalyst is prepared to take additional steps to address the improper conduct of HBC and certain of its insiders," he said.Catalyst did not immediately respond to a request for comment on what those next steps may include.This report by the The Canadian Press was first published Dec. 16.Companies in this story: (TSX:HBC)Aleksandra Sagan, The Canadian Press
Hudson’s Bay Company (TSX: HBC) ("HBC" or the "Company") today announced that it has postponed its special meeting of shareholders called to consider the arrangement (the "Arrangement") contemplated by the arrangement agreement entered into with Rupert Acquisition LLC on October 20, 2019 pursuant to which HBC will become a private company owned by certain continuing shareholders (the "Continuing Shareholders"). The special meeting of shareholders had been scheduled for December 17, 2019.