At a special meeting held Wednesday, Oct. 30, shareholders for Saks Incorporated (NYSE: SKS) have "overwhelmingly approved" the previously announced plans for the retailer to merge with Hudson's Bay Company according to a company statement.
Based on the shareholder vote, about 99.4 percent of the total votes cast, which represents approximately 85.2 percent of the total shares outstanding as of the Oct. 2, 2013 record date for the special meeting, were in favor of the merger.
The companies estimate that the transaction will close on Nov. 4 and that promptly thereafter Saks will be delisted from the NYSE. Under the terms of the deal, Saks shareholders will receive $16.00 per share in cash at the closing of the transaction.
Shortly after Wednesday's special meeting, an internal memo was sent to Saks employees detailing high-level executive departures, reports Women's Wear Daily. Robert Wallstrom, executive vice president and president of Saks Off 5th, will be leaving to reportedly become CEO of Vera Bradley. Other executives making an exit include Denise Incandela, EVP and chief marketing officer; Terron Schaefer, EVP and chief creative officer; Kevin Wills, EVP and chief financial officer; Michael Rodgers, EVP and chief information and operations officer; Mike Brizel, EVP and general counsel; Chris Morena, EVP of human resources, and Julia Bentley, senior vice president of investor relations and communications.
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