A Hudson’s Bay Co. store sign is shown at its Toronto flagship store on July 29, 2013. THE CANADIAN PRESS/Nathan Denette

A Hudson’s Bay Co. store sign is shown at its Toronto flagship store on July 29, 2013. THE CANADIAN PRESS/Nathan Denette

HBC stock resumes trading after halt, shares surge more than 22%

HBC postponed on Dec. 16 a shareholder vote on a Baker’s takeover offer for $10.30 per share

Shares of Hudson’s Bay Co. were briefly halted Tuesday morning on the Toronto Stock Exchange after volatile trading activity triggered a regulatory safety mechanism.

The trading halt was issued at 9:52 a.m. ET as a result of a single-stock circuit breaker, which is enacted in order to ensure fairness in the market, according to the Investment Industry Regulatory Organization of Canada.

HBC shares opened at $8.38 and quickly shot to $10.09, a gain of more than 22 per cent, before falling back to $9.40.

The company’s shares resumed trading at 9:57 a.m., and were at $9.52 in midmorning trading.

HBC is in the midst of a months-long proxy battle between a group led by executive chairman Richard Baker and a dissident shareholder group that opposes Baker’s plan to take the company private.

Catalyst Capital Group, a minority shareholder that controls about 17.5 per cent of HBC’s common shares, recently initiated an OSC hearing seeking to block the Baker-led bid, or require the retailer to amend its circular. Catalyst alleged HBC made several misrepresentations in the paperwork.

HBC postponed on Dec. 16 a shareholder vote on a Baker’s takeover offer for $10.30 per share after the Ontario Securities Commission ruled HBC must amend the circular, while Catalyst threatened to “take additional steps” if the retailer failed to reconsider its offer of $11 per share.

The company has been recommending shareholders approve the transaction.

ALSO READ: Hudson’s Bay announces 2,000 layoffs

The Canadian Press


Like us on Facebook and follow us on Twitter.

Just Posted

The Coastal Fire Centre is looking ahead to the wildfire season on Vancouver Island. (Phil McLachlan – Western News)
Coastal Fire Centre looking ahead at wildfire season on Vancouver Island

‘We’re asking people in the spring to be very careful’

There are lots of resources for seniors looking for information about COVID-19. (Kevin Rothbauer/Citizen)
COVID questions? Here are some phone-based resources available for seniors

Here is a list of numbers to keep on hand for Vancouver Islanders who aren’t fond of computers

Chum Salmon fry being examined with multiple motile and attached sea lice on Vargas Island. (Cedar Coast Field Station photo)
Study: Tofino fish farm sea lice infestations add fuel to push to remove open pens

Ahousaht First Nation asking for higher standards than what DFO requires

Interior Health nurses were administering COVID-19 vaccines to seniors and care aides in Kelowna on Tuesday, March 16. In Salmon Arm on March 11, guests, staff and support personnel at the Salvation Army's Lighthouse Shelter at McGuire Lake were vaccinated. (Phil McLachlan/Black Press)
Roden: I can’t wait to get shot

What, me worried about the COVID-19 vaccine? Not in the slightest

Victoria police are looking for a 38-year-old man after he allegedly assaulted and choked a missing 15-year-old victim in Beacon Hill Park Tuesday night. (Black Press Media file photo)
15-year-old choked in Beacon Hill tent, Victoria police assaulted while intervening

Police searching for 38-year-old suspect, two officers injured in altercation with park residents

A large crowd protested against COVID-19 measures at Sunset Beach in Vancouver on Tuesday, April 20, 2021. (Snapchat)
VIDEO: Large, police-patrolled crowds gather at Vancouver beach for COVID protests

Vancouver police said they patrolled the area and monitored all gatherings

Vancouver Island Connector and Tofino Bus is putting a 41-passenger electric bus through its paces in a three-month trial run between Nanaimo and Victoria. (Photo submitted)
Electric bus on trial run serving Victoria-to-Nanaimo route

Vancouver Island Connector and Tofino Bus trying out 41-seat electric coach for three months

A teacher-librarian in Nanaimo was fired in 2019 for checking out an age-inappropriate graphic novel to a student. The discipline agreement was published Wednesday, April 21. (News Bulletin file photo)
Nanaimo teacher-librarian fired for checking out too-graphic graphic novel to student

Teacher had been previously disciplined and suspended on two occasions

Island Health declared a COVID-19 outbreak in two houses at the Mount St. Mary long-term care home on Wednesday. (Photo courtesy of Google Earth)
Island Health declares outbreak at Victoria long-term care home

Resident, staff member test positive for COVID-19 at Mount St. Mary facility

Cynthia Cummings, decked out in tie-die at The Funky Food Truck in Royal Bay, Colwood. (Dawn Gibson/News Staff)
Psychedelic food truck the next thing for veteran’s wife in Colwood

From tropical resort to thrift store and now a food truck, if Cynthia Cummings thinks it, she’ll do it

Royal Roads University president Philip Steenkamp and gardener Greg Higgs restart the restored water wheel at the campus’ Japanese Garden. (Photo courtesy of Royal Roads University)
Restored water wheel returns to Japanese Garden at Royal Roads in Colwood

The wooden wheel was initially installed betweem 1915 and 1930

Nanaimo-based musician Shawn Hall, the ‘Harpoonist’ in the Harpoonist and the Axe Murderer blues duo, is presenting a free, live-streamed show from the Port Theatre on April 23. (Photo courtesy Colin McTaggart)
Nanaimo musician Shawn Hall presents free online show from the Port Theatre

Last year Hall released ‘Satellite Man’ EP with new group Satellite and the Harpoonist

FILE – The Instagram app is shown on an iPhone in Toronto on Monday, March 19, 2018. THE CANADIAN PRESS/Graeme Roy
Judge acquits B.C. teen boy ‘set up’ on sex assault charge based on Instagram messages

The girl and her friends did not have ‘good intentions’ towards the accused, judge says

Most Read