November 27, 2017 / 12:42 PM / a year ago

UPDATE 1-Hudson's Bay says more shareholders back Rhone investment

(Adds background on the investment)

Nov 27 (Reuters) - Canadian retailer Hudson’s Bay Co on Monday said almost two-thirds of its shareholders support a $500 million investment by Rhone Capital, which is being opposed by activist fund Land and Buildings LLC.

The Ontario Securities Commission on Friday adjourned a hearing of the fund’s appeal against a conditional approval for the investment.

Earlier this month, Hudson’s Bay said it had written consent from shareholders representing well over 50 percent of its outstanding shares.

Land and Buildings, headed by Jonathan Litt, had urged the company to call for a non-insider vote on Rhone Capital’s investment, saying shareholders who supported the deal had a “special interest”.

Land and Buildings had a near 5 percent stake in Hudson’s Bay as of July.

Last month, Hudson’s Bay said Rhone Capital would invest $500 million in the form of eight-year mandatory convertible preferred shares. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel)

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