For the Baker group to succeed, it will need to obtain at least 75 per cent of the votes cast by all shareholders and a simple majority of votes cast by minority shareholders, including Catalyst.Ĭatalyst said it has the right to withdraw its support under certain circumstances, including if HBC does not file its amended management information circular and mail it to shareholders by Feb.
That vote is now expected to be held in February. The private equity investment firm had made several moves to block the Baker group, including a counter offer of $11 per share and a successful trip to the Ontario Securities Commission, which directed HBC and the Baker group to provide more information before holding a shareholder vote. The minority shareholder entered into a voting and support agreement with HBC and the continuing shareholders behind the privatization offer.Ĭatalyst is "pleased" to support this offer, which is "well above" the Baker-led group's first proposed price of $9.45 per share, said Gabriel de Alba, managing director and partner of Catalyst, in a statement released Friday. The amended offer won the approval of dissident shareholder Catalyst Capital Group Inc., which controls about 17.5 per cent of the company's common shares. The lift came after a group led by HBC executive chairman Richard Baker boosted its privatization offer for the retailer to $11 per share late Friday night. HBC shares closed up 96 cents, or 9.72 per cent, to $10.84 on the Toronto Stock Exchange Monday. jumped nearly 10 per cent in Monday trading after a deal that appeared to put a months-long privatization battle to rest.
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