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Cent Stake: Sale Process and Share Offer

cent stake: A rival offer of 11 per share made by Catalyst Capital Group has been rejected by HBC's special committee because it says the Baker-led group, which holds a 57 per cent stake in the retailer, is not interested in selling its shares, according to CTV. ISS raised questions about the thoroughness of the sale process and if the agreed transaction maximizes value for minority HBC shareholders. Institutional Shareholder Services raised concerns about the disclosures surrounding the 10.30 per share offer by a group led by HBC executive chairman Richard Baker. Given that significant defects have been identified with the sale process, shareholders cannot be confident they are receiving maximal available value for their shares, ISS said in its report. However, the special committee at HBC said Monday the ISS report is flawed and urged shareholders to support the offer by the Baker-led group. The proxy advisory firm said the only defect of the rival offer identified by HBC's special committee was the opposition of the Baker-led group of continuing shareholders. (www.immigrantscanada.com). As reported in the news.