Dive Summary:
- Shareholder rights attorneys at Harwood Feffer LLP, Robbins Arroyo LLP and Kahn, Swick and Foti LLP (as well as Ryan & Maniskas LLP, according to a press release) are currently investigating the recently proposed merger between Saks Inc. and Hudson’s Bay Co.
- Hudson’s Bay agreed to purchase control of Saks in an all cash deal for $16 per share, although a target price for individual shares was established by Maxim Group at $18.50.
- Shareholders with Saks could file a class action suit against the merger in order to fight for a better price.
From the article:
... Further, On May 21, 2013, Saks released its financial results for the first quarter 2013, in which it projected a 4% to 6% store sales growth for the remainder of 2013. Saks also exceeded analyst earnings per share targets in each of the last nine quarters. ...
