Canadian private equity firm Catalyst Capital Group Inc. bought a 10 percent stake in Hudson’s Bay Co. through a previously announced tender offer as part of its efforts to block a proposed takeover by the retailer’s chairman. The Toronto-based firm said in a statement it had received and accepted about 18.5 million shares in Hudson’s Bay for roughly $187 million (US$141 million) in cash at $10.11 per share. That’s a premium to a $9.45 a share offer from Chairman Richard Baker and his partners. The stock jumped 9 percent to $10.22 in Toronto, the biggest gain in more than two months. Catalyst’s purchase of the minority stake adds to pressure on Baker to boost his bid, which also faces opposition from activist investor Jonathan Litt. Catalyst and Litt are pushing for a higher offer, arguing the owner of Saks Fifth Avenue has valuable real estate that could be unlocked — Financial Post
