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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Hudson's Bay Company    HBC   CA4442181018

HUDSON'S BAY COMPANY

(HBC)
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Hudson Bay : Catalyst Capital seeks to take Hudson's Bay stake to oppose chairman's offer to go private

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07/22/2019 | 07:49pm EST

(Reuters) - Private equity firm Catalyst Capital Group Inc on Monday offered to buy an estimated C$150 million stake in Hudson's Bay Co, and said it will oppose Executive Chairman Richard Baker's C$1.74 billion take-private proposal.

A shareholder group led by Baker, which collectively owns a 57% stake in Hudson's Bay, had made an offer of C$9.45 per share to take the struggling retailer private in June, with plans to fund the deal using some of the proceeds from asset sales.

Catalyst, run by Canadian financier Newton Glassman, on Monday offered to buy up to 14.85 million shares of Hudson's Bay at C$10.11 per share, saying it believes Baker's proposal "greatly undervalues the company."

Catalyst also requested the special committee of independent directors to explore alternatives to "maximize value for all shareholders over the near or long term."

Activist shareholder Jonathan Litt had also lambasted Baker's bid in June to take the Canadian retailer as "woefully inadequate," saying the chairman-led shareholder group looking to push through a deal could double the offer.

Canada's Globe & Mail newspaper last month reported that Catalyst had taken a portion of a 10% stake in Hudson's Bay from the Ontario Teachers' Pension Plan. (https://tgam.ca/30MW2i0)

(Reporting by Shanti S Nair in Bengaluru, editing by G Crosse)

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Financials (CAD)
Sales 2020 8 090 M
EBIT 2020 596 M
Net income 2020 -983 M
Debt 2020 1 295 M
Yield 2020 0,56%
P/E ratio 2020 -
P/E ratio 2021 -15,6x
EV / Sales2020 0,42x
EV / Sales2021 0,26x
Capitalization 2 090 M
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Mean consensus UNDERPERFORM
Number of Analysts 5
Average target price 10,76  CAD
Last Close Price 8,88  CAD
Spread / Highest target 35,1%
Spread / Average Target 21,2%
Spread / Lowest Target 15,4%
EPS Revisions
Managers
NameTitle
Helena B. Foulkes Chief Executive Officer & Director
Richard A. Baker Executive Chairman & Governor
Rebecca A. Roof Chief Financial Officer
Stephen J. Gold Chief Technology & Digital Operations Officer
Robert C. Baker Director
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