A Hudson’s Bay Co. store sign is shown at its Toronto flagship store on July 29, 2013. THE CANADIAN PRESS/Nathan Denette

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

(Pixabay photo)
Emergency repairs underway on Phillips Road in Sooke

Sewage may have entered DeMamiel Creek and Sooke River

Victoria police are seeking public assistance in identifying a suspect and witness of a Dec. 4 sexual assault in Esquimalt. (Black Press Media file photo)
Police seeking suspect, witness of sexual assault of Esquimalt teen

Teen sexually assaulted Dec. 4 after departing number 15 bus

Patrick MacMullan won $28,000 playing Toto. (Photo courtesy of BCLC)
Greater Victoria man wins $28,000 while watching football

Winning ticket purchased at Colwood convenience store

Staff at Artemis Place Secondary were shocked to find that one of the student-built greenhouses on the campus was stolen overnight on Jan. 11. (Artemis Place Society/Facebook)
Saanich school hopes to catch greenhouse thief red-handed

Student-built greenhouses stolen from Artemis Place Secondary on Jan. 11

A woman wears a face mask and shield to curb the spread of COVID-19 while walking in North Vancouver, B.C., on Wednesday, January 6, 2020. THE CANADIAN PRESS/Darryl Dyck
536 COVID cases, 7 deaths reported as B.C. finds its first case of South African variant

Henry said 69,746 people have received their first dose of the COVID vaccine.

Jobs Minister Ravi Kahlon shared a handwritten note his son received on Jan. 13, 2021. (Ravi Kahlon/Twitter)
Proud dad moment: B.C. minister’s son, 10, receives handwritten note for act of kindness

North Delta MLA took to Twitter to share a letter his son received from a new kid at school

(Black Press Media file photo)
From arts to environment, nominate your West Shore hero

Nominations for the Goldstream Gazette’s Local Hero awards are open to Jan. 15

Black Press media file
Port McNeill driver tells police he thought the pandemic meant no breathalyzers

Suspect facing criminal charges after breathalyzer readings in excess of 3.5 times the legal limit

Forestry companies in B.C. agree to abide by the cedar protocols based on traditional laws of the First Nation members of the Nanwakolas Council. (Photo courtesy, Nanwakolas Council)
Landmark deal sees B.C. forest firms treat big cedars like a First Nation would

Western Forest Products, Interfor among companies to adapt declaration drafted by Nanwakolas Council

A northern resident killer whale shows injuries sustained by a collision with a vessel in B.C. waters. (Photo supplied by Ocean Wise Conservation Association)
Coast Guard ramps up protections for B.C. whales

First-ever Marine Mammal Desk will enhance cetacean reporting and enforcement

Two toucans sit on tree at an unidentified zoo. (Pixabay.com)
BC SPCA calls for ban on exotic animal trade after 50 parrots, toucans pass through YVR

One toucan was found dead and several others were without food

Smaller egg farmers find themselves in a David and Goliath situation when it comes to major producers and chain-grocery store shelf space. (Citizen file)
Vancouver Island egg producer cries foul over ‘Island’ label

Egg farmer frustrated with regulations allowing mainland-laid eggs to be labelled ‘Island’

Police and fire crews at work at a fire scene at Mount Prevost School (Kevin Rothbauer/Citizen)
Classes cancelled by fire at a Duncan-area school for the second time this week

Fire this morning at Duncan area middle school follows Monday blaze at nearby elementary

Most Read