Saks Faces Shareholder Action Over $3B Hudson's Bay Sale

Law360, New York (August 7, 2013, 6:49 PM EDT) -- A Saks Inc. shareholder launched a proposed class action Tuesday in New York state court contending the retailer's shareholders will receive “grossly inadequate” compensation if its $2.9 billion acquisition by Canadian retailer Hudson's Bay Co. goes through.

Shareholder Robert Oliver wants the court to enjoin the acquisition or award the shareholders damages, because he believes the company's board of directors engineered the proposed deal in such a way that makes it difficult for Saks to entertain alternate proposals that might pay more.

“Defendants agreed to provide...
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