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Saks shareholders approve merger with Hudson’s Bay Company

RBR Staff Writer Published 31 October 2013

Retailer Saks Incorporated announced that its shareholders have approved the previously announced agreement and plan of merger with Hudson's Bay (HBC).

Under the terms of the merger agreement, the company's shareholders will receive $16.00 per share in cash at the closing of the transaction.

The merger will create a premier North American fashion retail business centered on three iconic retail brands - Hudson's Bay, Lord & Taylor, and Saks Fifth Avenue.

The combined company will operate a total of 320 stores, including 179 full-line department stores, 72 outlet stores and 69 home stores in prime retail locations throughout the US and Canada, along with three e-commerce sites.

The parties anticipate that the transaction will close on 4 November 2013.

The company's shareholders also approved the specified compensation payable to the company's named executive officers in connection with the merger on an advisory basis.

Commenting on the merger, HBC's Governor and CEO Richard Baker said, "By uniting Saks, Hudson's Bay and Lord & Taylor, we are creating a platform built upon three brands with a rich heritage in retailing. We will be well positioned to serve customers across a range of shopping experiences, including the luxury, mid-tier and outlet categories. We plan to invest in the growth potential of each brand and category."