Report: Saks settles investors suits related to HBC buyout
New York – Saks Inc. has settled lawsuits from investors related to its proposed buyout by Hudson’s Bay Company (HBC). According to Bloomberg, Saks has reached an agreement that reduces the termination fee it would pay HBC in the event the purchase does not happen and reduces the time Saks has to seek alternative offers
In July 2013, HBC made a $2.4 billion bid to buy Saks. The figure is about 30% higher than Saks’ closing value on May 20, 2013, the day before it became public Saks was considering a sale. Saks detailed its plan to settle investor suits in a filing with the Securities and Exchange Commission.
Report: Penney denies Twitter allegations
Plano, Texas – J.C. Penney Co. has reportedly been defending itself against anonymous allegations made on Twitter. According to Bloomberg, J.C. Penney recently had to publicly deny tweets saying the company had hired a bankruptcy attorney and no longer had Canadian credit.
J.C. Penney’s stock fell almost 9% on Oct. 15, the date the bankruptcy tweet appeared, and fell almost 5% on Oct. 18, the date the tweet about Canadian credit appeared. Analysts say anonymous Twitter attacks are not likely to become a common problem for companies, but J.C. Penney is vulnerable to social media attacks due to its recent troubles.
Alco will delist if Argonne merger approved
Coppell, Texas – Alco Stores, Inc. will voluntarily delist its common stock from the Nasdaq Stock Market on or about Oct. 31, 2013. The delisting of the company’s shares is subject to stockholder approval of the proposed merger with an affiliate of Argonne Capital Group, LLC.
The proposed merger was previously announced on July 25, 2013, and a special meeting of stockholders is scheduled for Oct. 30, 2013. If the company’s stockholders vote to approve the proposed merger, Alco anticipates consummating the merger on or about Oct. 31, 2013. If the proposed merger is consummated, Alco will become a wholly-owned subsidiary of an affiliate of Argonne and the company’s common stock will cease to be publicly traded.