Saks flags end to "go-shop" period in HBC acquisition agreement

Canadian retailer Hudson's Bay Co. ((TSX: HBC) moved one step closer to its proposed acquisition of Saks Inc. (NYSE: SKS) with the latter company's announcement that the 40-day "go-shop" provision in the July acquisition agreement expired on September 6. Saks is now subject to customary “no-shop” provisions. HBC, which is backed by U.S. private equity firm NRDC Equity Partners, agreed to purchase Saks for around US$2.9 billion. The deal is expected to close before the end of 2013.

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