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Catalyst declines request to extend offer for Hudson's Bay stake

Canadian private equity firm Catalyst Capital Group declined to extend its tender offer to acquire a 10.75% stake in Ontario-based department store chain Hudson's Bay Co., according to an Aug. 15 release.

Hudson's Bay requested the extension to provide time for the special committee and its financial advisers to finish the formal valuation of Hudson's Bay shares — which is expected in September — and evaluation of other strategic initiatives.

Catalyst initially offered to purchase about 8.06% of the retailer's common stock for C$10.11 each for a total deal value of about C$150 million, in an effort to oppose a takeover bid by a group of Hudson's Bay shareholders who are offering to take the company private for C$9.45 per share. The private equity firm subsequently raised its offer, proposing to buy approximately 10.75% of the company for about C$200 million.

The investor group proposing to acquire 100% of Hudson's Bay includes Governor and Executive Chairman Richard Baker. Hudson's Bay said the group's C$9.45 per-share proposal is "inadequate."

Hudson's Bay's stock fell as much as 2.98% to C$9.11 in Toronto trading following the announcement, but closed up 0.11% to C$9.40.