Saks Offers Update on 'Go-Shop' Period
Retailer Saks Incorporated (NYSE: SKS) (“Saks” or the “Company”) today provided an update on the “go-shop” period related to its definitive merger agreement with Hudson's Bay Company (TSX: HBC) (“HBC”).
As previously disclosed, the merger agreement entered into on July 28, 2013 between Saks and HBC contains a 40-day “go-shop” period during which Saks was permitted to solicit alternative proposals from third parties. The merger agreement provides that within three business days of the end of the “go-shop” period, Saks will provide Hudson's Bay Company with a list of “Excluded Parties,” which means any party that submitted a written proposal during the “go-shop” period that the Saks Board of Directors determined either constitutes or could reasonably be expected to constitute a superior proposal. The “go-shop” period expired on September 6, 2013, and no party has been designated by Saks as an “Excluded Party.” Saks is now subject to customary “no-shop” provisions which are outlined in the merger agreement.
The planned transaction has been approved by each company's board of directors and is expected to close before the end of the calendar year, subject to approval by Saks shareholders and other customary closing conditions.
Saks Incorporated currently operates 41 Saks Fifth Avenue stores, 69 Saks Fifth Avenue OFF 5TH stores, and saks.com.
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