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Pedestrians pass by the Hudson's Bay Co. flagship store in Toronto on Nov. 19, 2019.

Aaron Vincent Elkaim/The Globe and Mail

Catalyst Capital Group Inc. has extended a deadline for the board of Hudson’s Bay Co. to formally accept its offer letter until 5 p.m. ET today.

The investment firm has made an unsolicited offer of $11 per share in cash for HBC, topping a friendly offer of $10.30 made by a group of investors led by HBC executive chairman Richard Baker.

Catalyst says it extended the deadline, which was to expire Nov. 29, at the request of a special committee of the board at HBC because of what it called “indications of positive progress.”

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The special committee has said it would review the offer in consultation with its independent financial and legal advisers.

The Baker-led offer requires support from a majority of the HBC shareholders, excluding the shareholders behind the bid and their affiliates, as well as approval by a 75 per cent majority vote at a special meeting of shareholders.

Catalyst said in October that it and other minority shareholders that together control a 28.24 per cent stake of the company’s common shares plan to vote against the offer by the Baker-led group.

“We have granted the extension requested by the HBC special committee based on indications of positive progress and we look forward to working with them to complete a transaction based on our superior offer in a timely manner,” said Gabriel de Alba, managing director and partner of Catalyst.

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