Catalyst Capital Group makes rival bid for Saks owner Hudson's Bay
Summary
Catalyst Capital Group has made a rival bid to buy the owner of Saks Fifth Avenue, challenging an offer led by its chairman. Read more: Saks owner Hudson’s Bay agrees to go private The offer from Catalyst, which owns 17.5 per cent of the company, beats the $10.30 per share bid made by Hudson’s Bay chairman Richard Baker and a consortium of investors. The Baker-led group, which already owns 57 per cent of Hudson’s Bay and has previously indicated it would block a sale to another buyer, has described the Catalyst offer as “non-executable”. Last month, Hudson’s Bay agreed to be bought by the group of investors, led by Baker, however the plan has faced some backlash from shareholders. The private equity firm has indicated that it would consider raising its offer and could work with other investors interested in co-sponsoring the bid.