HBC says no merit in appeal against Rhône deal: Reuters
Canadian department store operator Hudson’s Bay Co said it saw no merit in activist fund Land & Buildings Investment Management's recent appeal against the Toronto Stock Exchange’s conditional approval for a US$500 million ($638 million) investment from Rhône Capital, Reuters reported. Hudson’s Bay said this week it had written consent for the equity investment from shareholders representing well over 50 percent of its outstanding common shares. Earlier this month, Land and Buildings, a U.S. hedge fund headed by activist investor Jonathan Litt, had urged the company to call for a non-insider vote on Rhône’s investment, saying the ones who voted had a “special interest” in the deal. Land and Buildings had a near 5 percent stake in Hudson’s Bay as of July.
