Newspaper article The Canadian Press

Hudson's Bay Agrees to Delay Deal That Would See Rhone Capital Buy Stake in Retailer

Newspaper article The Canadian Press

Hudson's Bay Agrees to Delay Deal That Would See Rhone Capital Buy Stake in Retailer

Article excerpt

Hudson's Bay to delay deal with Rhone Capital

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TORONTO - The Ontario Securities Commission announced on Friday that Hudson's Bay Co. (TSX:HBC) has agreed to temporarily postpone a deal that would see private equity firm Rhone Capital buy a sizable stake in the retail giant.

U.S. activist investor Land & Buildings Investment Management LLC applied on Monday for the regulator to review the Toronto Stock Exchange's Nov. 7 decision to provide conditional support to New York-based Rhone's $632-million equity investment in the form of eight-year mandatory convertible preferred shares.

The funding was part of a deal that included the sale of HBC's Lord & Taylor Fifth Avenue building to WeWork Property Advisors for nearly $1.1 billion and to pursue a strategic alliance with WeWork to pursue future real estate transactions. …

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