Hudson's Bay Co. HBAYF

Key section

[estebancaballo]

of the letter from Catalyst imo:

"Catalyst is aware of a number of strategic investors that are interested in participating in a process that is open and not constructed to benefit an insider, and we have no doubt that the HBC Board is also aware of these interested parties.  Catalyst itself is also prepared to be a participant in the process and work towards an offer to acquire the Company at terms financially superior to the Insider Issuer Bid."
I take this to mean that there are buyers out there interested in acquiring HBC under better terms that that offered by Baker and that Catalyst would be interested in working with such a buyer to make the deal work. The interested parties are known to the board already, apparently....has an offer been made that we don't know about or just interest floated??
In any event, this is exactly what I was expecting to happen. We should now see some movement from Baker group either to up the ante or to agree to let the process open up to other investors...what would be the point of holding a vote on a deal that absolutely won't go through?? 
My guess is that Baker will now be forced to up the ante...this offer is so low that he has lots of room to increase the offer and still make tons of money selling the RE bit by bit....I doubt he will want to walk away from this sweet deal.
All imho.