Richard Baker successfully reset the stock bar at Hudson’s Bay Co.
Shares of the Saks Fifth Avenue parent shot up 15.9 percent to 8.52 Canadian dollars Friday after Baker, who serves as governor and executive chairman, inked a deal to buy another 10 percent of the company at 9.45 Canadian dollars per share.
That essentially means investors were willing to follow Baker’s lead.
The stock closed at 7.35 Canadian dollars Thursday, just before a firm controlled by Baker, Rupert of the Rhine, agreed to acquire 18 million common shares, or 10 percent, of Hudson’s Bay from a subsidiary of the Ontario Teachers’ Pension Plan board.
“I am very pleased to increase my significant ownership in HBC and further demonstrate my commitment to the company,” Baker said.
Once the deal closes, Baker and his partners will control about 70 percent of the firm, which he put together through a series of acquisitions and took public in 2012.