Hudson's Bay shareholder Catalyst opposes go private deal

(Reuters) – Hudson’s Bay Co (TO:) shareholder Catalyst Capital Group Inc has opposed an agreed deal by the struggling Canadian department store operator with a group led by executive chairman Richard Baker to be taken private.

Catalyst and other shareholders holding about 28.24% of shares of Hudson’s Bay intend to vote against the agreement, the firm said on Thursday.

The group urged the Hudson Bay’s board to explore alternatives, and said it was “aware of a number of strategic investors that are interested in participating in a process that is open and not constructed to benefit an insider.”

Saks Fifth Avenue owner Hudson’s Bay earlier this month agreed to a sweetened C$1.9 billion ($1.5 billion) offer from the shareholder group.

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