December 31, 2019 / 4:55 PM / 19 days ago

Hudson's Bay chairman considers sweetened bid for retailer

FILE PHOTO: A man exits a Hudson's Bay department store in Toronto, Ontario, Canada June 6, 2016. REUTERS/Chris Helgren

(Reuters) - Hudson’s Bay Co (HBC.TO) Chairman Richard Baker and his partners have approached the retailer’s minority stockholders, including bidding rival Catalyst Capital, to potentially raise their take-private bid, a source familiar with the matter said 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 Saks Fifth Avenue owner, the source said. (bloom.bg/2teuRBf)

The offer is not final or definite, the source added.

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 18% at C$9.64, did not immediately respond to a Reuters request for comment.

Reporting by in Praveen Paramasivam in Bengaluru and Jessica DiNapoli; Editing by Shounak Dasgupta and Aditya Soni

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