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

Clearview Public Schools invites nominations for the Clearview Award of Merit and the Clearview Star Award

Full details can be obtained through Clearview’s web site or from central office in Stettler

County opens 2020 with first wave of public engagement sessions

The County is asking ratepayers what they think about various topics

Multiple items discussed during first Town of Castor council meeting of 2020

Council has passed Bylaw 1071, the ‘Operational Borrowing Bylaw.’

School buses operated by Clearview Public Schools will not be in service on Thursday, Jan. 16th

Buses will not operate for morning and afternoon services, as well as any planned field trips

Kids across Canada more at risk of hospitalization from flu this season: doctor

Dr. Theresa Tam said influenza B does not usually peak until February or later

Canada to give $25,000 to families of each Canadian who died in Iran plane crash

Prime Minister Justin Trudeau also made it clear that Canada still expects Iran to compensate victims

Oil and gas industry applauds top court’s dismissal of B.C.’s Trans Mountain case

The high court’s ruling Thursday removes one of the remaining obstacles for the project

Sylvan Lake RCMP seek assistance in locating missing male

Mark Crier, 17, was last seen in Sylvan Lake on Jan. 13

UPDATE: Supreme Court dismisses B.C.’s appeal in Trans Mountain pipeline case

Judges decide whether B.C.’s power to protect environment can include impeding a federal project

Alberta says universities over-budget; need to freeze travel, hiring, hosting

Demetrios Nicolaides says spending is not meeting expectations

Over 16,000 people nabbed by RCMP between border crossings in 2019

In 2019, 63,830 claims were filed, up from 55,040 in 2018

Iran must compensate crash victims’ families, Canada-led group agrees

‘We are judging Iran every day, demand by demand,’ says Foreign Affairs Minister Francois-Philippe Champagne

Beer-league hockey player awarded $700,000 for body check that caused head injury

Ontario court rules in a March 2012 incident in which a 36-year-old hit his head on the ice

Most Read