By  on August 19, 2019

Richard Baker’s proposal to take the Hudson’s Bay Co. private has suffered a setback with the disclosure that The Catalyst Capital Group Inc. has just upped its stake in HBC by purchasing 10.05 percent of HBC’s outstanding shares.

Catalyst, a Canadian private equity investment firm investing in distressed and undervalued companies, said Monday it purchased 18,491,502 shares of HBC at 10.11 Canadian dollars per share in cash. The total cost was approximately 187 million Canadian dollars. Catalyst said it will complete the purchase of the shares within three business days.

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