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Saks Inc. Settles Shareholder Lawsuits

Seven suits sought class action status challenging the retailer’s acquisition by Hudson’s Bay Co. for $3 billion.

SAKS SETTLES SUITS: Saks Inc. has reached an agreement to settle seven shareholder lawsuits seeking class action status challenging the retailer’s acquisition by Hudson’s Bay Co. for $3 billion. The terms of the settlement agreement per a filing Tuesday with the Securities and Exchange Commission include a decrease in the termination fee payable by Saks to HBC if the transaction fails and a shorter time period allowing for HBC to match a competing merger proposal from a third party if there is one. A special meeting of Saks shareholders to vote on the merger proposal is scheduled for Oct. 30 at 11 a.m. at the University Club in New York. The merger is expected to be completed next month.

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