Retailer Saks Incorporated announced that its shareholders overwhelmingly approved the previously announced agreement and plan of merger with Hudson’s Bay Company at its special meeting held October 30.
Based on the tabulation of the shareholder vote, approximately 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.
Under the terms of the merger agreement, the company’s shareholders will receive $16 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’s 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.
Saks Incorporated currently operates 41 Saks Fifth Avenue stores, 72 Saks Fifth Avenue OFF 5TH stores, and saks.com.