There's an agreement to end a battle for control of the company that owns the Hudson's Bay and Saks Fifth Avenue retail chains.
Hudson's Bay Co. says a group headed by its executive chairman has raised its going-private offer to $11 per share and that price will be supported by the leading rival shareholder.
The new offer is a victory for Catalyst Capital Group, which has fought to get a better price than what was offered by a group of HBC shareholders led by Richard Baker, the company's executive chairman.
The Baker group's previous offer was $10.30 per share to gain full ownership of HBC but Catalyst had enough stock -- 17.5 per cent of the total -- to prevent a complete takeover.
Hudson's Bay Co. announced late Friday that the company's directors had reached new agreements with the two rival shareholder groups based on the revised offer of $11 per share.
The announcement comes days after there was an unconfirmed report of a deal that sent HBC shares soaring briefly above $10 on Tuesday. They closed Friday at $9.88 at the Toronto Stock Exchange.
This report by The Canadian Press was first published Jan. 4, 2020.
