Canada-based retail business group Hudson’s Bay Company (HBC) has received an unsolicited acquisition proposal from Catalyst Capital Group.

Catalyst has offered $11.00 per share in cash to acquire HBC.

The latest move comes after Catalyst made an initial offer in August to acquire up to 14,836,795 common shares of HBC at a price of $10.11 per common share in cash.

Confirming the receipt of the proposal, HBC said: “The special committee of the HBC board of directors will review the offer in consultation with its independent financial and legal advisors to determine the course of action that is in the best interests of HBC and the minority shareholders.

“No action is required by HBC shareholders at this time. There can be no assurances that any transaction with Catalyst will occur.”

In October, the company entered a definitive arrangement agreement with a group of HBC shareholders to take the company private.

The decision was based on the unanimous recommendation of an independent special committee of its board of directors.

Under the arrangement agreement, the common shares of HBC, which are not owned by the shareholder group, will be purchased for cancellation at a price of $10.30 per share in cash.

With nearly 250 stores, some of HBC’s businesses in North America include Saks Fifth Avenue, Hudson’s Bay, and Saks OFF 5TH. Its portfolio includes luxury, premium department stores and off-price fashion shopping destinations formats.