Ontario Teachers' cancels HBC stake sale to executive chairman
Richard Baker and Ontario Teachers’ Pension Plan have agreed to cancel a January agreement that would have seen a Baker affiliate acquire the pension fund's about 10 percent stake in Canadian retailer Hudson’s Bay Co (TSX: HBC). As a result, the common shares held by Ontario Teachers' will be subject to the proposed $1.74 billion take-private acquisition of Hudson’s Bay, made by a group of shareholders that includes Baker, the company's executive chairman. The deal's termination follows criticism of the proposal by U.S. hedge fund Land & Buildings Investment Management. In 2013, Ontario Teachers' provided Hudson’s Bay with funding to support its acquisition of Saks Inc.
18 June 2019•2 mins read
