Hudson's Bay Co. HBAYF

there is an implication if the offer

[pennydredful]

is    above    the    mid    point   of    the  fair     value    range       which    is     '" 10-12.25"= 11.125 mid     point.       .    Basically     if   above    the  mid     point     there    is  a  lower    acceptence  requirement     re     shares     tendered     .     Can    anyone    say    what     that     rule     is    or  if  it  applies      here  ?

[99Reasons]

Rule doesn’t change no matter what the offer, always majority of the minor.  If the offer comes from less than 50% of shareholders, then 75% need to approve, which would have occurred with the Catalyst offer.