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

Energy consultant Michèle Deluca and city building inspector Sam Ellison are researching how to account for embodied carbon when calculating a new building’s carbon footprint. Photo: Bill Metcalfe
Nelson researches climate impact of embodied carbon in new buildings

Embodied carbon is the footprint of the manufacture and transport of building materials

The Quartz Creek watershed is located in the area behind the small community of Ymir south of Nelson. Photo: Tyler Harper
Timber companies swap management of controversial Ymir watershed

Fruitvale’s ATCO Wood Products is now overseeing Quartz Creek

The trial of Harry Richardson began Monday at the Nelson courthouse. File photo
Trial of man accused of shooting RCMP officer near Argenta in 2019 begins

Harry Richardson is facing five charges in a Nelson courtroom

Zaudanawng “Jay-Dan” Maran in his Creston home. Hanging on the wall behind him is a logo of Kachin’s Manaw festival. Photo: Aaron Hemens
From Myanmar to Creston: The story of a refugee

In October 2007, Zaudanawng “Jay-Dan” Maran and his friends encountered a woman being sexually assaulted by two Myanmar soldiers.

Crews with Discovery Channel film as an Aggressive Towing driver moves a Grumman S2F Tracker aircraft around a 90-degree turn from its compound and onto the road on Saturday, Jan. 23, 2021. It was the “most difficult” part of the move for the airplane, one organizer said. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Vintage military plane gets towed from Chilliwack to Greater Victoria

Grumman CP-121 Tracker’s eventual home the British Columbia Aviation Museum on Vancouver Island

A ground worker wearing a face mask to curb the spread of COVID-19 unloads lobsters from a WestJet Airlines flight at Vancouver International Airport, in Richmond, B.C., on Thursday, January 21, 2021. THE CANADIAN PRESS/Darryl Dyck
Trudeau teases stricter travel measures; Canadians flying to U.S. now need COVID test

Prime minister says measures need to not hurt imports and essential trade

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

The shirts sell for $45, with 30 per cent of proceeds from each sale going to Battered Women’s Support Services in Vancouver. (Madame Premier/Sarah Elder-Chamanara)
Canadian company launches ‘hysterical’ T-Shirt to combat health officials’ use of word

A partnership with Tamara Taggart will see women broadcast the word on a T-shirt or tote bag

ICBC has seen savings on crash and injury claims in the COVID-19 pandemic, with traffic on B.C. roads reduced. (Penticton Western News)
ICBC opens online calculator for rate savings starting in May

Bypassing courts expected to save 20% on average

(AP Photo/Elaine Thompson, File)
16% boom predicted for B.C. real estate sales in 2021: experts

Along with sales, the average price of homes is also predicted to rise, by nearly 8 percent

FILE – Canadian Prime Minister Justin Trudeau delivers his opening remarks at a news conference outside Rideau cottage in Ottawa, Tuesday, January 19, 2021. THE CANADIAN PRESS/Adrian Wyld
Vaccine CEO ‘very, very clear’ that Canada’s contracts will be honoured: Trudeau

Trudeau says he spoke to Moderna CEO on the morning of Jan. 26

Brad Windsor has been an advocate for years to get sidewalks installed along Milburn Drive in Colwood, but to no avail. He wants city council to commit to making Milburn a priority lane for sidewalk construction in the future. (Aaron Guillen/News Staff)
VIDEO: Dramatic crash caught on B.C. home security camera

Angry residents say video highlights need for sidewalks in B.C. residential neighbourhood

Most Read