HBC Stock Rises

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CBJ — Hudson’s Bay stock surged by about 12% after an entity controlled by HBC executive chairman Richard Baker announced it picked up another 8% stake in the department store company.

Baker and his Rupert of the Rhine have acquired almost 18 million shares from a subsidiary of the Ontario Teachers’ Pension Plan Board for $9.45 a share.

Baker and Rupert of the Rhine already have a controlling stake in the company and the purchased shares represent nearly 10% of the issued or outstanding common shares on a non-diluted basis.


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