Globe and Mail – The Ontario Securities Commission has called a hearing into the U.S.-based Sears Holdings Corp.’s complaint that three dissident shareholders of its Canadian division worked in concert to try to thwart the parent company’s takeover bid.
The commission said it will hear the matter on July 4, along with another hearing into complaints from the three U.S. shareholders, all hedge funds, about the role of Bank of Nova Scotia in the hostile takeover bid.
Sears Holdings Corp. is asking the OSC to reprimand the three hedge funds and to force them to sell their shares into the market by July 31, according to a letter from its lawyer.
The parent company is asking that the hedge funds be banned from acquiring further shares, or that their shares be excluded in the vote later this year on whether Sears Holdings can take the Canadian division private.
