An investigation on behalf of investors of Saks Inc (NYSE:SKS) in connection with the proposed takeover was announced and NYSE:SKS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/31/2013 -- An investigation on behalf of investors in Saks Inc (NYSE:SKS) shares was announced concerning whether the offer by Hudson's Bay Company to acquire Saks Inc for $16.00 per NYSE:SKS share and the takeover process are unfair to investors in Saks shares.
Investors who purchased shares of Saks Inc (NYSE:SKS) prior to July 29, 2013 , and currently hold any of those NYSE:SKS shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Saks Inc breached their fiduciary duties owed to NYSE:SKS investors in connection with the proposed acquisition.
On July 29, 2013, Hudson's Bay Company and Saks Incorporated announced that they have entered into a merger agreement whereby Hudson's Bay Company will acquire Saks for US$16.00 per share in an all-cash transaction valued at approximately US$2.9 billion, including debt.
However, given that at least one analyst has set the high target price for NYSE:SKS at $18.50 per share, the investigation by a law firm concerns whether the offer is too low for NYSE:SKS stockholders. More specifically, the investigation focuses on whether the Saks Inc Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Saks Inc reported that its Total Revenue rose from over $2.63 billion for the 52 weeks period that ended on Jan. 30, 2010 to over $3.14 billion for the 53 weeks period that ended on Feb. 2, 2013 and that its Net Loss of $57.92 million for the 52 weeks period that ended on Jan. 30, 2010 tunred into a Net Incoem of $62.88 million for the 53 weeks period that ended on Feb. 2, 2013.
Shares of Saks Inc (NYSE:SKS) grew from $1.55 per share in March 2009 to as high as $15.89 per share on July 19, 2013.
On July 30, 2013, NYSE:SKS shares closed at $16.02 per share.
Those who are current investors in Saks Inc (NYSE:SKS), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com