November 15, 2017 / 11:01 PM / a year ago

Hudson's Bay says no merit in appeal against Rhone investment

Nov 15 (Reuters) - Canadian department store operator Hudson’s Bay Co said it saw no merit in activist fund Land and Buildings’ recent appeal against the Toronto Stock Exchange’s conditional approval for a $500 million investment from Rhone Capital.

Hudson’s Bay said it had written consent for the equity investment from shareholders representing well over 50 percent of its outstanding common shares.

Land and Buildings had filed the appeal with the Ontario Securities Commission, Hudson’s Bay said on Wednesday.

Earlier this month, Land and Buildings had urged the company to call for a non-insider vote on Rhone Capital’s investment which would include a share issuance. (Reporting by Karan Nagarkatti in Bengaluru; Editing by Shounak Dasgupta)

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