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

Children’s author hopes public can grant father’s wish to see work in Abbotsford library

Dawn Doig’s father recently died from COVID-19 after staying at Worthington Pavilion

Fraser Valley Regional Library branches offer curbside pick up

After two and a half months of being closed, people can once again check books out of the library

Survey asks Mission businesses: ‘What PPE do you need most to re-open?’

Mission Regional Chamber of Commerce helping businesses to source PPE locally

Middle school students honoured with G.W. Cooke awards

Mission Community Foundation hands out awards for excellence in Math or Science

11 new COVID-19 cases in B.C. as top doc urges caution amid ‘encouraging’ low rates

Dr. Bonnie Henry also announced that two care home outbreaks would be declared over

Facing changes together: Your community, your journalists

The importance of accurate, ethical reporting is critical – perhaps as never before

Surrey mayor’s party under fire for ‘sickening’ tweet accusing northern B.C. RCMP of murder

Mayor Doug McCallum says tweet, Facebook post ‘sent out by unauthorized person’

Father’s Day Walk Run for prostate cancer will be virtual event this year throughout B.C.

The annual fundraiser for Prostate Cancer Foundation BC has brought in $2.5 million since 1999

Dr. Bonnie Henry announces official ban on overnight kids’ camps this summer

New ban comes after talking with other provincial health officials across the country, Henry says

Senior man in hospital after unprovoked wolf attack near Prince Rupert

Conservation officers are on site looking for the wolf

VIDEO: NASA astronauts blast off into space on SpaceX rocket

Marks NASA’s first human spaceflight launched from U.S. soil in nearly a decade

‘I knew what he wanted’: Kootenay man spends hours in tree as black bear patrols below

Francis Levasseur is no stranger to the outdoors, but a recent run-in with a bear caused quite a scare

B.C.’s police watchdog probing death of Richmond man in alleged shoplifting incident

Independent Investigations Office of B.C. is asking any witnesses to come forward

Most Read