The Canadian group The Catalyst Capital Group has extended its share in the department stores groups in an operation valued in 140.6 million dollars (126.8 million euros).
Hudson’s Bay plans to delist from the stock exchange weakens. The Canadian group The Catalyst Capital Group extended its share in the department stores giants up to the 10.5% after the acquisition of some outstanding shares. The operation’s estimated value is around 140.6 million dollars (126.8 million euros).
The Catalyst Capital Group, specialized in investing in companies that are going through rough financial situations, explained yesterday that it had acquired around 18.5 million shares at 7.5 dollars (6.8 euros) per share.
This operation happens two months after a group of investors, led by the executive president of the company, Richard Baker, suggested the delisting of the group from the stock exchange. The partners that back this suggestion represented 57% of the capital.
The plan contemplated the acquisition of the shares to the minority shareholders at a price of 7 dollars (6.4 euros) per share, with a total cost of 1.3 billion dollars (1.1 billion euros). The Catalyst Capital Group was against this operation from the beginning.