Hudson’s Bay Company has confirmed receipt of Catalyst Capital Group Inc.’s unsolicited proposal to acquire HBC for $11.00 per share in cash.
The special committee of the HBC board of directors said it will review the offer in consultation with its independent financial and legal advisors to determine the course of action that is in the best interests of HBC and minority shareholders. No action is required by HBC shareholders at this time, and there can be no assurances that any transaction with Catalyst will occur.
The department store retailer is currently reviewing a separate, proposed transaction in which HBC would become a private company, owned by certain continuing shareholders and the company’s other minority shareholders who would receive $10.30 in cash per share.
The retailer’s special committee and the board had previously recommended that minority shareholders vote in favor of the going private transaction in advance of a proxy voting deadline for a special meeting of shareholders at 10:00 a.m. ET on Friday, December 13, 2019.