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Hudson's Bay Chairman Likely To Raise Offer For Retailer: Reports

(RTTNews) - Canadian department store chain Hudson's Bay Co. (HBC.TO), which is in deal to go private, is likely to get a sweetened offer from its Chairman Richard Baker and his partners.

Baker and his partners reportedly have approached minority shareholders, including Catalyst Capital Group, with a higher bid of C$11 per share to take the company private.

In October, Hudson's Bay, the parent to Saks Fifth Avenue, agreed to be acquired by Baker-led consortium for C$10.30.

Meanwhile, Capital Group, which owns more than 30 million shares of the company, in November offered C$11 per share.

Hudson's Bay, founded in 1670, is the oldest company in North America.
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