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HBC Climbs After Chairman Buys Stake From Ontario Teachers' at 29% Premium

BNN Bloomberg

Hudson’s Bay Co. Chairman Richard Baker boosted his holding in the struggling retailer, buying Ontario Teachers’ Pension Plan Board’s stake at a 29 per cent premium from Thursday’s close. An entity controlled by Baker agreed to pay $9.45 a share for the 9.8 per cent stake, valuing the deal at $169.7 million, according to a statement Friday. Baker said in the statement that his “significant ownership” demonstrates his commitment to the retailer, which also owns Saks Fifth Avenue...

Mentions: Saks Fifth Avenue voting rights stake