The firm says the proposal offers shareholders certainty of value for their HBC shares at a sizable market premium and a relatively attractive valuation.
The recommendation stands in contrast to one by
The Baker-led group has offered
However a special committee of the HBC board formed to review the proposals has rejected the Catalyst offer because the Baker-led group, which holds a controlling stake in the retailer, has said it has no interest in selling.
Glass Lewis says it sees no viable path for the Catalyst offer to win shareholder approval.
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Companies in this story: (TSX:HBC)
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