Retailer Saks Incorporated 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 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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