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

Tour de Rock arrives in Nanaimo, now it’s off to the next station

Cops for Cancer team completes Nanaimo section of Vancouver Island cycle relay

UPDATED: West Shore RCMP locate dangerous, ‘high-risk sex offender’ thanks to help of taxi cab driver

Scott Jones wanted on a Canada-wide warrant, ‘a risk to women and girls,’ police say

Tourism industry could only try to make the best of things this summer

With fewer visitors this year, operators asking for continued support

Pandemic reunites 2000s era Victoria rock band The Origin

Getting the band back together: Saanich musicians recording for first time since 2008

Teaching the teachers: investing in student success

Campbell River School District hires 11 new teacher coordinators

Tour de Rock arrives in Nanaimo, now it’s off to the next station

Cops for Cancer team completes Nanaimo section of Vancouver Island cycle relay

Demonstrators voice displeasure over mask-use in Campbell River

Sunday afternoon event has held by Hugs Over Masks Nation

Woman injured during rollover on Hwy. 28

Incident took place Saturday evening near Strathcona Lodge

Canadian ski resorts wrestle with pandemic-vs.-profit dilemma as COVID-19 persists

Few are actually restricting the total number of skiers they allow on the hill

A (virtual) walk around the world by 88-year-old B.C. man

George Doi says it’s simple: ‘I like walking’

End of CERB means uncertainty for some, new system for others

As of a week ago, the CERB had paid out $79.3 billion to 8.8 million people

Horgan, Wilkinson trade barbs over MSP premiums, health care at campaign stops

Horgan called a snap election for Oct. 24 earlier this week

Development permit approved for new auto dealership in Nanaimo

City council votes in favour of Mitsubishi building design proposal, including variances

Most Read