January 4, 2019 / 3:40 PM / a year ago

BUZZ-Hudson's Bay Co: Gains as chairman-controlled entity to acquire stake in retailer

** Shares of Canada’s department store chain up 10.1 pct at C$8.09

** An entity controlled by Hudson’s Bay Co’s Chairman Richard Baker will buy a stake held by a unit of Ontario Teachers’ Pension Plan Board in the retailer, L&T B Cayman Inc, a top shareholder of Hudson’s Bay, says

** Baker-controlled Rupert of the Rhine LLC will purchase ~18 mln shares at a price of C$9.45/shr, which represents a premium of 28.6 pct to HBC’s closing price on Thursday

** Upon completion of the deal, L&T B will own about 25.03 pct of Hudson’s Bay on a non-diluted basis

** HBC fell 35.4 pct in 2018 (Reporting by Shradha Singh in Bengaluru)

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