The special committee of the board of directors of Hudson’s Bay Company has rejected a recent takeover offer from The Catalyst Capital Group.
The special committee said that while it gave careful consideration to the Catalyst acquisition proposal and the opportunity to pursue it, the committee did not feel the offer could be completed. Catalyst Capital Group Inc.’s unsolicited proposal to acquire HBC was for $11.00 per share in cash.
The department store retailer is currently reviewing a separate, proposed transaction in which HBC would become a private company, owned by certain continuing shareholders, while the company’s other minority shareholders 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 at a special meeting of shareholders on December 17, 2019.