85 406
Fashion Jobs
NEIMAN MARCUS
Senior Manager, Fulfillment Operations
Permanent · PITTSTON
NEIMAN MARCUS
Loss Prevention Investigator- Charlotte
Permanent · CHARLOTTE
LULULEMON
Visual Merchandising Specialist | Toledo Local
Permanent · TOLEDO
LULULEMON
Community Specialist | Martha's Vineyard
Permanent · EDGARTOWN
LULULEMON
Community Specialist | Market Street, Lynnfield
Permanent · LYNNFIELD
LULULEMON
Expeditor (9pm - 2am) | Scottsdale Fashion Square
Permanent · SCOTTSDALE
LULULEMON
Visual Merchandising Specialist | University Place, Orem - Full Time
Permanent · OREM
LULULEMON
Visual Merchandising Specialist | The Shops at Mission Viejo
Permanent · MISSION VIEJO
LULULEMON
Community Specialist | Village Meridian
Permanent · MERIDIAN
NORDSTROM
Customer Service Representative - Montgomery Mall
Permanent · BETHESDA
NORDSTROM
Retail Stock - Chandler Festival Rack
Permanent · CHANDLER
NORDSTROM
Customer Service Representative - Old Orchard Center
Permanent · SKOKIE
NORDSTROM
Chef - Nordstrom Grill - City Creek Center
Permanent · SALT LAKE CITY
NORDSTROM
Retail Stock - Mayfair Collection Rack
Permanent · WAUWATOSA
NORDSTROM
Asset Protection - Agent - International Plaza
Permanent · TAMPA
NORDSTROM
Area HR Business Partner - NE Stores - CT/NY Market
Permanent · NORWALK
NORDSTROM
Retail Stock - The Village at Totem Lake Rack
Permanent · KIRKLAND
NORDSTROM
Service Experience Rep - Fashion Island
Permanent · NEWPORT BEACH
NORDSTROM
Asset Protection - Agent - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Security Ambassador - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Agent - Westfield Culver City Rack
Permanent · CULVER CITY
NORDSTROM
Retail Stock - The Palms at Town & Country Rack
Permanent · KENDALL
By
Reuters
Published
Dec 15, 2009
Download
Download the article
Print
Text size

Saks ends rights plan to prevent takeover

By
Reuters
Published
Dec 15, 2009

NEW YORK (Reuters) - Saks Inc (SKS.N) said on Monday 14 December it was ending changes it made to its shareholders rights plan last year when it sought to prevent a potential hostile takeover by Mexican billionaire investor Carlos Slim Helu.


Photo : saks.com

In a statement, Saks Chief Executive Steve Sadove said those steps were "no longer necessary" because of a change made last month to its revolving credit agreement, which raised a "change-of-control" threshold to 40 percent from 20 percent.

In November 2008, the upscale retailer known for its flagship Saks Fifth Avenue store in Manhattan introduced the changes to protect itself after Slim reported a stake in the company of 17.8 percent, making him the biggest investor.

At the time, the company said it would distribute one preferred share purchase right for each outstanding share of Saks common stock.

Saks had also said last year that if any individual or investor reached or surpassed a 20 percent stake, those rights would let shareholders buy shares at a 50 percent discount and give them ammunition to block an unwanted overture.

Saks said at the time that the action was intended to "impose a significant penalty upon any person or group" acquiring 20 percent.

Slim owned 25.6 million shares, or 16.1 percent, of Saks' shares as of April 6, the most recent date for which data is available, according to Thomson Reuters.

(Reporting by Phil Wahba; Editing by Ted Kerr)

© Thomson Reuters 2024 All rights reserved.

Tags :
Retail