Hudson’s Bay Company recently announced that the HSR Act waiting period as part of its proposed acquisition of Saks Incorporated has been terminated early. The termination of this period, which provides the US government an opportunity to review effects on competition of certain mergers, will serve to expedite Hudson’s Bay’s previously-announced acquisition of Saks.
Hudson’s Bay Company announces early termination of HSR Act waiting period in connection with its proposed acquisition of Saks Incorporated
TORONTO, Aug. 30, 2013 /CNW/ – Hudson’s Bay Company (TSX: HBC) (“HBC” or the “Company”) is pleased to announce today that it has been notified by the Premerger Notification Office of the U.S. Federal Trade Commission of the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”) applicable to HBC’s proposed acquisition of Saks Incorporated (NYSE: SKS) (“Saks”), first announced in July 2013.
The HSR Act provides the U.S. federal government with the opportunity to engage in a prior review of the potential effects on competition of certain mergers, acquisitions or other consolidations.
HBC and Saks announced on July 29, 2013, a definitive merger agreement whereby HBC would acquire all of the issued and outstanding shares of Saks for US$16.00 per share in an all-cash transaction valued at approximately US$2.9 billion, including debt, through a merger of an indirect wholly-owned subsidiary of the Company and Saks. The early termination of the HSR Act waiting period satisfies the condition to the completion of the proposed acquisition relating to the expiration or termination of any applicable waiting period under the HSR Act. The proposed acquisition remains subject to approval by the stockholders of Saks, as well as other customary closing conditions.
About Hudson’s Bay Company
Hudson’s Bay Company, founded in 1670, is North America’s longest continually operated company. In Canada, HBC operates Hudson’s Bay, Canada’s largest branded department store with 90 locations, unsurpassed in its fashion, beauty, home and accessory designers and brands, as well as thebay.com. HBC also operates Home Outfitters, Canada’s largest home specialty superstore with 69 locations across the country. In the United States, HBC operates Lord & Taylor, a department store with 48 full-line store locations throughout the northeastern United States and in two major cities in the Midwest, and lordandtaylor.com. With approximately 29,000 associates in Canada and the U.S., HBC’s banners provide stylish, quality merchandise at great value, with a dedicated focus on service excellence. Hudson’s Bay Company trades on the Toronto Stock Exchange under the symbol “HBC”.