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

Inmate who served 50 years dies of natural causes in Abbotsford

George Sedgwick, 89, was a child molester who was sentenced in 1969

Garden Park Tower in Abbotsford still open for business

Coffee shop still selling takeout meals and some basic grocery items

VIDEO: Abbotsford singer creates frontline workers tribute song

Cambree Lovesy’s song saluting those battling COVID-19 draws interest online

One woman arrested in Abbotsford on Sunday after stabbing

25-year-old man sent to hospital with serious injuries following incident

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

Look at hospitalizations, not recovery stats for COVID-19, B.C. professor says

Cases in hospital are a definitive count of people who have the novel coronavirus

B.C. First Nations want to launch fight of Trans Mountain pipeline approval

Last month, the Supreme Court of Canada decided not to hear five challenges about the pipeline

N95 masks on the way for Canada after 3M reaches deal with White House

The Trump White House had ordered 3M to stop shipping masks to Canada

Here’s how to talk to people who aren’t taking physical distancing seriously

Approach the conversation with empathy says conflict expert

Fraser Valley auto sound business starts producing face shields

Certified Auto Sound & Security is doing what it can to help frontline healthcare workers.

B.C. clears more acute hospital beds as COVID-19 case growth slows

Province holding about 40% of beds empty for peak still to come

As 500K+ apply for emergency benefit, Trudeau says aid coming for Canadians left behind

Canada Emergency Response Benefit provides $2,000 per month

Wearing non-medical masks can stop spread of COVID-19 before symptoms start: Tam

Health officials had previously not recommended wearing them

Most Read