Saks Fifth Avenue parent Hudson’s Bay Co. has gotten an C$11-per-share ($US8.29 per share) acquisition offer from Capital Capital Group, which currently owns 32.2 million shares of the retail company. That represents about 17.48% of outstanding stock. The offer comes after Hudson’s Bay agreed to be taken private by a group of shareholders led by Baker Group for C$10.30 per share in October. Catalyst Capital calls that an “insider issuer bid.” “Catalyst believes the insider issuer bid is inadequate and undervalues the company on multiple metrics,” Catalyst Capital said in a release. Catalyst has concerns about the Baker Group bid, for example calling it “troubling” that Baker Group made an initial offer of C$9.45 soon after a June transaction with Hudson’s Bay’s European partner Signa. Catalyst says it’s prepared to make a higher offer. Hudson’s Bay stock is up 21.1% for the year to date while the S&P 500 index is up 25.3% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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