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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

COVID-19: Qualicum Beach Farmers Market re-opens under strict guidelines

‘Shop, don’t stop. Buy what you need and give others space and be efficient’

COVID-19: Nanoose Bay man forges hearts for his community

Kasprick has already given out approximately 400, plans to make it 600

B.C. firefighters only responding to most life-threatening calls during COVID-19 pandemic

The directive comes after province spoke with paramedics, fire services, according to top doctor

‘Better days will return’: Queen Elizabeth delivers message amid COVID-19 pandemic

The Queen said crisis reminds her of her first address during World War II in 1940

Nanaimo’s Harmac mill works to fill doubled pulp order for medical masks and gowns

Mill’s president says extra cleaning in place and workers are social distancing

Woman arrested in Nanaimo after attempted RV break-in with owner inside

Incident happened April 1 in the 700 block of Drake Street

Emergency aid portal opens Monday, cash could be in bank accounts by end of week: Trudeau

Emergency benefit will provide $2,000 a month for those who have lost their income due to COVID-19

Education, not enforcement: B.C. bylaw officers keeping a watch on physical distancing

A kind word, it turns out, has usually been all people need to hear

COVID-19 PQB business update: looking for takeout food?

Email messages to editor@pqbnews.com

COVID-19: Hospitals remain safe for childbirth, say Vancouver Island care providers

North Island Hospital has been asked to share its perinatal COVID-19 response plan

Canadian cadets to mark 103rd anniversary of Vimy Ridge April 9 virtually

Idea of Captain Billie Sheridan in Williams Lake, B.C. who wondered what to do in times of COVID-19

Most Read