The Catalyst Capital Group is one of the shareholders that has announced that it will vote against the deal lead by chairman Richard Baker.
Hudson’s Bay hits a wall with its shareholders in its plan to go public. The Catalyst Capital Group and another group of investors, which control a total of 28.24% of the capital, have already announced that they will vote against the bid to take HBC private led by the group’s chief executive officer, Richard A. Baker.
Last October, the board of directors of the department store company gave the deal a green light, but the shareholder’s approval is pending. Voting is scheduled for mid-December, according to WWD. Baker and a group of investors that add a total of 57% stake in Hudson’s Bay offered 10.3 Canadian dollars per share to take the remaining 43% of the capital.
“We urge shareholders to review the forthcoming information circular to be filed in the coming weeks, which will include further details and analysis that informed the special committee’s determination, before making any decision,” said Gabriel de Alba, CEO and partner of Catalyst. The fund controls 17.49% of Hudson’s Bay.