Richard Baker Acquires Additional 10 Percent of HBCBaker and his partners will now control 70 percent of HBC.

[Collection]Richard A. Baker has an appetite for a greater share of Hudson’s Bay and is willing to pay a premium to get it. An entity controlled by Baker called Rupert of the Rhine LLC has entered into an agreement to acquire 18 million common shares, or 10 percent, of Hudson’s Bay Co. from Ontario Ltd., a wholly owned subsidiary of Ontario Teachers’ Pension Plan Board. Baker and his partners will pay $9.45 per share in Canadian dollars. The stock currently trades at $7.35. “I am very pleased to increase my significant ownership in HBC and further demonstrate my commitment to the company,” said Baker, 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.” Baker and his partners will now control approximately 70 percent of the Hudson Bay Co. The closing of the acquisition of the purchased shares is expected to occur no later than in six months, and is subject to customary closing conditions. The purchased shares represent approximately 9.76 percent of the issued and outstanding common shares on a non-diluted basis and 7.54 percent of the issued and outstanding common shares. HBC’s banners across North America and

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