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RAPAPORT... Shareholders of luxury retailer Saks Incorporated overwhelmingly approved the merger agreement with Hudson’s Bay Company during a special meeting held today. Hudson's Bay also operates Lord & Taylor and Home Outfitters.
Based on the tabulation of the shareholder vote, the board of directors for Saks stated that approximately 99.4 percent of the total votes cast, which represents approximately 85.2 percent of the total shares outstanding as of the October 2, were in favor of the merger.
Under the terms of the merger agreement, the company’s shareholders will receive $16 per share in cash at the closing of the transaction, which is expected to be on November 4. Saks will then become a private company and be delisted from the New York Stock Exchange (NYSE).
The shareholders also approved the proposal to approve, on an advisory (non-binding) basis, specified compensation payable to the company’s named executive officers in connection with the merger.
Earlier this week, affiliates of Ares Management LLC and the Canada Pension Plan Investment Board completed their acquisition of luxury retailer Neiman Marcus Group Ltd.
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