Sak's parent company Hudson's Bay confirms takeover offer

Hudson’s Bay Company, the parent of Saks Fifth Avenue and Saks OFF Fifth, confirmed it has received an unsolicited takeover offer from Catalyst Capital Group.

"The Special Committee of the HBC Board of Directors will review the offer in consultation with its independent financial and legal advisors to determine the course of action that is in the best interests of HBC and the minority shareholders. No action is required by HBC shareholders at this time. There can be no assurances that any transaction with Catalyst will occur."

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The offer, for $11 Canadian dollars per share, appears to be slightly higher than a rival bid led by a shareholder group, including CEO Richard Baker, which owns 57 percent of the common stock.

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The company, which has its roots in the Canadian fur trade in the 17th century and is the oldest company in North America has had a rough time of late. It recently sold the venerable Lord & Taylor chain in the U.S. and in Canada has been winding down the business of the Zeller's stores.

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