Hudson Bay : chairman considers sweetened bid for retailer

Hudson's Bay Co Chairman Richard Baker and his partners have approached the retailer's minority stockholders, including bidding rival Catalyst Capital, to potentially raise their take-private bid, a source familiar with the matter said on Tuesday.

Baker and his partners have floated the idea of increasing their bid to around C$11 per share, from a prior offer of C$10.30, about the same price Catalyst Capital Group offered for the Saks Fifth Avenue owner, the source said. (https://bloom.bg/2teuRBf)

The offer is not final or definite, the source added.

Reuters earlier this month reported the Baker-led buyout consortium did not win enough votes from other company shareholders by the Dec. 13 morning deadline ahead of a Dec. 17 special meeting.

Hudson's Bay, which was up 18% at C$9.64, did not immediately respond to a Reuters request for comment.

By Jessica DiNapoli