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Auction for Hudson’s Bay Charter Further Delayed After Late Offer From Unknown Bidder
Bidders must offer at least $15 million and commit to donating the 1670 royal charter to a Canadian public institution or museum, ensuring shared access with Indigenous groups.
- Earlier this year Hudson's Bay will appear at the Ontario Superior Court to seek permission to auction its 1670 royal charter and authorize its financial adviser to run the sales process.
- Earlier this year Hudson's Bay entered creditor-protection and began planning asset sales that included the charter, and in July sought court approval for a direct sale to Wittington Investments Ltd., the Weston family's holding company.
- Anyone wishing to buy the charter must bid at least $15 million and commit to permanently donating it to a Canadian public institution that shares access with Indigenous groups.
- Lawyers told the court the late bid appeared around 11 p.m. on Sunday and the hearing was adjourned to Oct. 9 amid concerns from Matthew Lerner and Justice Peter Osborne.
- The sale is part of a months-long process to sell off remaining assets of Canada's oldest retailer, and the parchment bears King Charles II's wax seal.
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17 Articles
17 Articles
Simcoe.com+6 Reposted by 6 other sources
‘Eye-watering numbers’ predicted in Hudson’s Bay charter, artifacts auction
Under an auction protocol the Bay had planned to present to the court on Sept. 29, the successful bidder would have been required to permanently donate the charter to a Canadian public institution or museum.
Another spontaneous offer for the Royal Charter that established Hudson Bay resulted in the adjournment of a court hearing to decide whether the document should be auctioned.
·Montreal, Canada
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Sask Today+2 Reposted by 2 other sources
Hudson's Bay hearing to get charter auction approved adjourned over new bid
TORONTO — Another unsolicited bid for the royal charter that established Hudson's Bay has caused the adjournment of a court hearing meant to decide whether the document should be auctioned off.
Coverage Details
Total News Sources17
Leaning Left13Leaning Right0Center1Last UpdatedBias Distribution93% Left
Bias Distribution
- 93% of the sources lean Left
93% Left
L 93%
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