Ontario Teachers’ Pension Plan has sold a major stake in Hudson’s Bay Co. to other investors, two sources said.
The sources said Teachers sold the shares late this week at $9.45 apiece, which is the price HBC executive chairman Richard Baker and a group of HBC majority shareholders are offering to take the retailer private. The sources were granted anonymity by The Globe and Mail because they are not authorized to speak publicly.
Teachers had an agreement in January to sell its roughly 10-per-cent stake in HBC to Mr. Baker and his group for $9.45 a share. But this week, Teachers and Mr. Baker’s group agreed to let that deal lapse. Some industry sources have suggested Mr. Baker’s go-private transaction at that share price would have given him a better chance at succeeding because Teachers would become part of HBC’s minority shareholders. Mr. Baker’s group needs a majority of the minority to accept the offer for it to be successful.
A spokeswoman for Teachers declined to comment.
HBC’s stock closed at $9.73 a share on Friday, up 2.8 per cent on the day on the Toronto Stock Exchange – above the $9.45-a-share offer price.
Bloomberg reported earlier on Friday that Teachers had sold its stake.
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