An entity controlled by Richard A. Baker, Rupert of the Rhine LLC, has entered into an agreement to acquire 17,953,536 common shares of Hudson’s Bay Company (HBC) from Ontario Limited, a wholly-owned subsidiary of Ontario Teachers’ Pension Plan Board, at a price of $9.45 per share.
“I am very pleased to increase my significant ownership in HBC and further demonstrate my commitment to the company,” said Baker, the purchaser and governor and executive chairman of HBC. “Ontario Teachers’ Pension Plan has been a valued partner since 2013 and I thank them for their support through their investment period.”
The acquired shares will represent about 9.76 percent of common shares on a non-diluted basis and 7.54 percent assuming the conversion of the outstanding convertible preferred shares of HBC into common shares.
Baker and his partners already have a controlling stake in the company, which they hold through various entities. Following the transaction, Baker and his partners would own about 66 percent of the shares outstanding.