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

HUDSON'S BAY CO

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Hudson Bay : Private equity firm Catalyst now holds about 16% of Hudson's Bay shares

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09/10/2019 | 05:52pm EDT

NEW YORK (Reuters) - Catalyst Capital Group Inc holds roughly 16% of Hudson's Bay Co shares after investors took part in its tender offer, bolstering the buyout firm's position against a take-private deal, according to a Canadian securities filing made on Tuesday.

Catalyst said in August it had acquired about 10% of the department store retailer's stock, but had not disclosed its total holdings. The private equity firm will continue opposing a C$1.74 billion offer from Hudson's Bay's executive chairman, Richard Baker, according to the filing.

Reuters first reported the buyout firm's total stake Tuesday.

Catalyst's total holdings are important because for any deal of Baker's to move forward, the retail executive needs support from shareholders.

Baker made an offer to acquire Hudson's Bay, the owner of luxury department store Saks Fifth Avenue, in June, saying that the company was best suited to face challenges in retail as a private company.

A special committee at Hudson's Bay said Baker's current offer, made with a consortium of shareholders holding 57% of the company, was "inadequate."

Catalyst and other shareholders including hedge fund Land & Buildings Investment Management LLC have said Baker's proposal falls short in providing sufficient value.

Baker and his consortium would need roughly 21.5% of shareholders - a majority not affiliated with his deal - to approve his offer.

Representatives for Baker and Hudson's Bay's special committee declined to comment. Hudson Bay itself did not immediately respond to requests for comment.

(Reporting by Jessica DiNapoli; editing by Jonathan Oatis and Tom Brown)

By Jessica DiNapoli

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Financials (CAD)
Sales 2020 8 127 M
EBIT 2020 150 M
Net income 2020 -
Debt 2020 -
Yield 2020 0,49%
P/E ratio 2020 -
P/E ratio 2021 -
Capi. / Sales2020 0,29x
Capi. / Sales2021 0,29x
Capitalization 2 378 M
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Mean consensus HOLD
Number of Analysts 6
Average target price 10,85  CAD
Last Close Price 10,11  CAD
Spread / Highest target 18,7%
Spread / Average Target 7,32%
Spread / Lowest Target 1,38%
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Managers
NameTitle
Helena B. Foulkes Chief Executive Officer & Director
Richard A. Baker Executive Chairman & Governor
Edward J. Record Chief Financial Officer
Janet M. Schalk Chief Technology Officer
Stephen J. Gold Chief Technology & Digital Operations Officer
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