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

Castlegar autism workshop helps parents cope with wait times

Kootenay Family Place holding workshop Feb. 1

Columbia Basin Trust shuffles board, new leaders at the table

The Trust is governed by a 12-member Board of Directors

Talin Verigin elected SD 20 trustee

Verigin will represent rural Castlegar RDCK Areas I and J.

Wenatchee Wild earn split with Trail Smoke Eaters with shootout win

Trail Smoke Eaters open with 4-3 win, then fall 2-1 after nine-round shootout in Wenatchee,

School District 8: No visiting Chinese students have coronavirus

SD8 says its international students have already been screened for the virus

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

First-place Canucks beat Blues 3-1 for ninth straight home win

Miller nets pair as Vancouver defeats Cup champs

Swapping grape varieties can help winemakers adapt to climate change: UBC study

Report says 56% of wine-grape-growing regions would be lost if global climate warms by 2 C

Alberta premier wants feds to approve Teck mine for benefit of First Nations

Kenney: ‘Surely [reconciliation] means saying yes to economic development for First Nations people’

Police search for man who went missing from Vernon hotel

Jay Rosenberger, 38, was last seen Friday

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

BC Place lights up in purple and yellow to honour Kobe Bryant

Kobe Bryant, his 13-year-old daughter and seven others were killed in a helicopter crash

Whistleblower says Iranian-Americans questioned at Peace Arch crossing were targeted

Immigration lawyer says response from Customs Border Protection is a ‘total cover up’

Most Read