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Private equity firm Catalyst now holds about 16% of Hudson's Bay shares

Pedestrians walk past a Hudson's Bay store in North Vancouver, British Columbia, Canada, on Thursday, Jan. 12, 2017.
Ben Nelms | Bloomberg | Getty Images

Catalyst Capital Group Inc now holds roughly 16% of Hudson's Bay Co shares after investors participated in its tender offer, bolstering the buyout firm's position against a take-private deal, a source familiar with the matter said on Tuesday.

Catalyst said in August it had acquired about 10% of the department store retailer's stock, but had not disclosed its initial stake. The private equity firm will continue opposing a C$1.74 billion offer from Hudson's Bay's executive chairman, Richard Baker, the source said.

Catalyst's total stake in the retailer has not yet been disclosed.

Hudson's Bay did not immediately respond to a request for comment