Dec 31 (Reuters) - Hudson’s Bay Co Chairman Richard Baker and his partners have approached the retailer’s minority stockholders, including bidding rival Catalyst Capital, to potentially sweeten their bid to take the company private, Bloomberg reported on Tuesday.
Baker and his partners have floated the idea of increasing their bid to around C$11 per share, from a prior offer of C$10.30, about the same price Catalyst Capital Group offered for the Canadian retailer, Bloomberg reported, citing sources. (bloom.bg/2teuRBf)
Reuters earlier this month reported the Baker-led buyout consortium did not win enough votes from other company shareholders by the Dec. 13 morning deadline ahead of a Dec. 17 special meeting.
Hudson’s Bay, which was up 17.5% at C$9.60, did not immediately respond to a Reuters request for comment. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Shounak Dasgupta)