The department store operator has announced the postponement of a special meeting of shareholders involving a vote on the proposal to take the company private, raising questions about whether the deal will go ahead.
Hudson’s Bay CoChairman Richard Baker won the support of proxy advisory firm Glass Lewis for the takeover of the Canadian retailer, just days after a rival adviser recommended stakeholders vote against the plan.
The Hudson’s Bay director who led the committee that negotiated the sale of the company to a group of controlling shareholders said a report by Institutional Shareholder Services criticizing the deal was “misleading.”
Private equity firm Catalyst Capital Group’s unsolicited bid for Hudson’s Bay Co is not “superior” to an agreed upon deal with a consortium led by its executive chairman, the retailer’s special committee said on Monday.
Private equity firm Catalyst Capital Group Inc on Wednesday made a competing offer for Hudson’s Bay Co that challenges the Canadian retailer’s deal with a consortium led by its executive chairman, Richard Baker.