Saks Inc. Shareholders Approve Merger With Hudson's Bay Co.

(RTTNews) - Retailer Saks Incorporated (SKS) Wednesday, announced that its shareholders approved the previously announced Agreement and Plan of Merger with Hudson's Bay Co.

Based on the tabulation of the shareholder vote, about 99.4% of the total votes cast, which represents approximately 85.2% of the total shares outstanding as of the October 2, 2013 record date for the special meeting, were voted in favor of the merger.

Saks noted that 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 parties anticipate that the transaction will close on November 4, 2013, and the parties intend that promptly thereafter the company will be delisted from the NYSE.

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