- Institutional Shareholder Services said on Friday it recommends shareholders vote against a plan by the chairman of Hudson’s Bay Co to take the Saks Fifth Avenue owner private after the bid was topped by an offer from Catalyst Capital Group Inc.
The group, which collectively owns 57% of Hudson’s Bay, includes private equity firm Rhone Capital LLC and office-space sharing start-up WeWork’s property arm. David Leith, chairman of Hudson’s Bay’s special board committee that negotiated the sale to Baker’s group, said this week that the Catalyst offer was not an option available to Hudson’s Bay shareholders.
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