The activist minority group, which owns or has control over about 14 per cent of Sears Canada's outstanding stock, has criticized Sears Holdings' $18-per-share offer as too low.

Sears Holdings owns 54 per cent of Sears Canada but cannot take the Canadian unit private unless the holders of a majority of Sears Canada's minority shares approve the buyout. It has extended the offer's expiry to 5 p.m. ET on Oct. 31.

The OSC ruled in August that the banks' large shareholdings in Sears Canada cannot be counted in determining whether the Sears takeover succeeds.