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Hudson’s Bay Soars After Catalyst Buys Stake to Block Chairman

Aug. 19, 2019, 3:44 PM

Canadian private equity firm Catalyst Capital Group Inc. bought a 10% stake in Hudson’s Bay Co. through a previously announced tender offer as part of its efforts to block a proposed takeover by the retailer’s chairman.

The Toronto-based firm said in a statement it had received and accepted about 18.5 million shares in Hudson’s Bay for roughly C$187 million ($141 million) in cash at C$10.11 per share. That’s a premium to a C$9.45 a share offer from Chairman Richard Baker and his partners. The stock jumped 9% to C$10.22 in Toronto Aug. 19, the biggest gain in more than two...

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