No alternate suitors appear for Saks
New York — The planned merger between Saks Inc. and Hudson’s Bay Company (HBC) took another step forward with the expiration of the 40-day “go shop” period for Saks on Sept. 6. As previously disclosed, the merger agreement entered into on July 28, 2013 between Saks and HBC contained a 40-day “go-shop” period during which Saks was permitted to solicit alternative proposals from third parties.
Saks did not designate any third party as an “Excluded Party” with a superior written proposal. Thus Saks is now subject to customary “no-shop” provisions which are outlined in the merger agreement. The planned transaction has been approved by each company’s board of directors and is expected to close before the end of the calendar year, subject to approval by Saks shareholders and other customary closing conditions.
Best Buy CEO sells off stock
Richfield, Minn. — Hubert Joly, president and CEO of Best Buy Co., Inc., exercised and sold 350,467 stock options and sold 100,686 shares of company stock on Sept. 6. Joly sold the stock due to circumstances relating to his divorce that was concluded in June of this year.
“As reflected in the Form 4, Joly’s holdings remain substantially in excess of his 140,000 share ownership target under the company’s executive stock ownership guidelines following the reported transaction,” Best Buy said in a press release.
Report: Suit accuses Home Depot of unjust shoplifting fines
Atlanta – The Home Depot, Inc. is reportedly being sued in California Superior Court for unfair, arbitrary attempts to collect damages from customers accused of shoplifting.
According to Bloomberg, a California man filed a class action suit against Home Depot on Sept. 5 after receiving two letters from the retailer’s law firm threatening criminal prosecution if he did not pay hundreds of dollars in damages for taking work gloves worth about $8, which he says he did not steal.
A Home Depot spokesperson told Bloomberg that the retailer has not yet reviewed this specific suit but in general follows the law when seeking civil damages from shoplifters. The first hearing in the lawsuit is scheduled for Oct. 8.