Equity Firm Angles To Block Buyout Of Hudson’s Bay

by MR Magazine Staff

Hudson’s Bay Co., the flagging parent of Saks Fifth Avenue, has a suitor countering a proposed insider buyout led by the company’s chairman. Private equity firm Catalyst Capital Group Inc. is offering to buy up to C$150 million ($114 million) worth of shares of Hudson’s as it builds a stake in the Canadian retailer. The Toronto-based firm said in a statement Monday it was prepared to pay C$10.11 per share in cash for up to roughly 14.8 million common shares. That’s a 7% premium on the C$9.45 a share Hudson’s chairman, Richard Baker, and his partners offered last month to take the company private. Read more at Fortune.