At a special meeting, shareholders for retailer Saks (NYSE: SKS) have "overwhelmingly approved" the company's plans to merge with commercial corporation Hudson's Bay Company (or HBC).
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.