Saks investors give 99.4% of votes to HBC acquisition, closing imminent
The shareholders of New York-based Saks Inc (NYSE: SKS) have given "overwhelming" approval to the company's proposed acquisition by Canadian retailer Hudson's Bay Co (TSX: HBC). The US$2.9 billion deal, announced in August, was backed by approximately 99.4% of the total votes cast by shareholders at a special meeting. The transaction is expected to be completed on November 4, 2013, with the result that Saks will be delisted from the New York Stock Exchange. The Toronto-based HBC is backed by U.S. private equity firm NRDC Equity Partners.
30 October 2013•3 mins read
