Shareholders of luxury retailer Saks approve takeover, Hudson's Bay Co. says
Oct 31, 2013 / 7:38 am
TORONTO - Shareholders of Saks Inc. have approved a takeover of the U.S. luxury retailer by Hudson's Bay Co. (TSX:HBC), the Canadian company said Wednesday.
HBC said it expects to complete the deal on Nov. 4.
In July, HBC announced plans to buy the Saks chain, which includes more than 100 stores and outlets, in a friendly deal worth US$2.9 billion, including assumed debt.
The combined company will have 320 stores, including 179 full-line department stores, 72 outlet stores and 69 home stores in the U.S. and Canada
Last week, Saks agreed in principle to settle suits filed by some of its shareholders, who objected to the deal and agreed to make additional disclosures before the vote.
HBC has said it plans to expand the Saks' banner to Canada with as many as seven Saks Fifth Avenue stores and up to 25 outlet locations over the next several years.
Read more Business News
|QHR Technologies Inc||1.18||-0.01|
|Anavex Life Sciences||0.329||+0.014|
|Copper Mountain Mining||1.53||-0.05|
Big Picture Bank earnings and upbeat economic news highlight an active week In contrast with last week’s quieter, U.S. holiday-shortened week, the first week of December was a comparatively acti...
This column is the last of three, for how to prove your personal injury claim. It is the piece de resistance of the trilogy, the Chuck Norris piece – the final say! As mentioned in the first two...
The bank manager just phoned and asked for full and immediate repayment of the line of credit because the latest, (and they were late!), financial statements showed continuing losses and falling sales...
- Ad or not, soaring WestJet viral video a branding win: marketing experts
- Mobile trend will push phone, tablet ownership past PCs in 2014: IDC Canada
- Court strikes down several claims in wheat board lawsuit, but case move ahead
- Airlines forecast big profit jump to $19.7 billion in 2014 as fuel prices fall, demand rises
- US business stockpiles jump 0.7 per cent in October, biggest gain since January
- US hits firms evading Iran sanctions, while Congress debate over new measures goes on
- Bombardier and Embraer split American Airlines regional jet order
- Britain's phone-hacking trial hears Queen Elizabeth II annoyed by nut-eating police officers
- CPPIB buys portfolio of agricultural land from Assiniboia Farmland LP for $128M
- US unemployment aid applications surge to 368,000, reflecting bump in claims after holiday
- BoC's Poloz says low interest rates needed to keep deflation at bay
- New house prices rose in October after flat September: StatsCan