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Nov 24, 2017

OSC adjourns hearing on Rhone investment in Hudson's Bay

HBC sells flagship Lord & Taylor building to WeWork for US$850M

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The Ontario Securities Commission (OSC) adjourned a hearing on Friday of activist fund Land and Buildings' appeal against a conditional approval for a US$500-million investment in luxury retailer Hudson's Bay Co (HBC.TO) from Rhone Capital.

The OSC, Canada's biggest securities regulator, said the hearing will be held from Dec. 6.

Jonathan Litt-led Land and Buildings had appealed against the Toronto Stock Exchange's conditional approval for the investment.

The Rhone investment was part of a deal in which HBC sold its Lord & Taylor building on Manhattan's Fifth Avenue to Softbank-backed shared workspace provider WeWork Cos for US$850 million.

Earlier this month, Hudson's Bay said it had written consent for the equity investment from shareholders representing well over 50 per cent of its outstanding common shares.

Litt said the ones who voted had a "special interest" in the deal.

Hudson's Bay did not immediately respond to a request for comment.