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Canadian regulator dismisses Catalyst request for cease trade order on Hudson’s take private deal

Canadian regulator dismisses Catalyst request for cease trade order on Hudson's take private deal
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FILE PHOTO: A man exits a Hudson’s Bay department store in Toronto, Ontario, Canada June 6, 2016. REUTERS/Chris Helgren/File Photo

(Reuters) – Canadian financial regulator the Ontario Securities Commission said on Friday it has dismissed a request by Catalyst for a cease trade order relating to proposed take-private deal of Hudson’s Bay (HBC.TO).

The hearing comes after Hudson’s Bay fell short of securing enough shareholder support for a C$1.9 billion ($1.4 billion)proposed take-private deal for Saks Fifth Avenue owner by its Chairman Richard Baker-led consortium, Reuters reported earlier on Friday.

Catalyst’s request for an order requiring amendment of HBC’s Management Information Circular is granted, with the terms of such amendments and related matters to be the subject of the final order, said the regulator.

Reporting by Maria Ponnezhath and Jessica DiNapoli; Editing by Sandra Maler

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