Hudson's Bay Co. holds its annual meeting of shareholders in Toronto on June 3, 2016.
Hudson's Bay Co. holds its annual meeting of shareholders in Toronto on June 3, 2016. TORONTO -- A battle for control of the company that owns the Hudson's Bay and Saks Fifth Avenue retail chains seems to have ended with a victory for the Catalyst Capital Group, which has fought for months to get a better price from a shareholders group led by HBC executive chairman Richard Baker.
Catalyst said in a statement that it has the right to withdraw its support under certain circumstances, but indicated it was pleased with the higher price on the table. Catalyst had used various techniques to block the Baker group, including making a counter offer of $11 per share and a successful trip to the Ontario Securities Commission, which directed HBC and the Baker group to provide more information before holding a shareholder vote.
"I would like to commend Catalyst on their constructive approach to getting a transaction agreed which we believe is in the best interests of the company and the minority shareholders," Leith said in a statement.
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