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Back in July, Hudson's Bay and Saks agreed that the former would purchase the latter for $16 per share. The merger was valued at $2.9 billion, and was transacted with the intention for Hudson's Bay, North America's longest continually operated company, to create a retailer with "a broad consumer spectrum across the luxury, mid-tier and outlet retail sectors."
Shareholders of an estimated 85.2% of Saks's outstanding stock cast their votes, with 99.4% of those votes in favor of the merger. The transaction is expected to close on November 4, with Saks promptly receiving a delisting from the New York Stock Exchange.