Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Hudson’s Bay executive chairman Richard Baker has agreed to boost his bid for iconic retailer Hudson’s Bay Co. (HBC-T), winning the backing of dissenting shareholder Catalyst Capital Group. and likely ensuring the company will go private later this year.
The new offer of $11 per share in cash tops the previous, purportedly “best and final” offer of $10.30. In a late-night announcement Friday, Catalyst Capital Group Inc. said it will vote in favour of the new deal.
Hudson’s Bay shares closed at $9.88 a share Friday on the Toronto Stock Exchange, before the Catalyst agreement with Hudson’s Bay was announced.
The increase marks the second increase in the offer from Mr. Baker and a group of controlling shareholders, who own 57 per cent of the company. Mr. Baker first offered $9.45 in June, then boosted the offer to $10.30 in late October.
Catalyst objected, however, arguing it didn’t reflect full value for the retailer and its real estate assets.
- David Milstead, Jeffrey Jones
The company’s board of directors has appointed Meghan Roach as the retailer’s temporary chief executive. Ms. Roach has served as interim chief financial officer for the company since August and is a previous board member for the retailer.
She replaces Mr. Gabel, who has served in the top post since February 2016.
The company did not say why Mr. Gabel left the position, but board chair Erol Uzumeri said in the statement that “the board believes that Roots requires renewed leadership to carry the company into its next phase – executing on profitable growth opportunities while enhancing operational efficiency.”
-The Canadian Press
The Supreme Cannabis Company Inc. (FIRE-T) announced on Monday that Colin Moore, director of the company and former president of Starbucks Coffee Canada, as interim president and CEO, effective immediately. Mr. Moore succeeds Navdeep Dhaliwal, who has departed the company. The company said it has hired an executive search firm to find a new CEO.