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Law firm investigates Saks buyout


New York – Law firm Morgan & Morgan is investigating potential legal claims against the board of directors of Saks Inc. relating to the proposed acquisition of Saks by Hudson's Bay Company. Morgan & Morgan's investigation concerns whether Saks' board of directors breached its fiduciary duties to act in the best interests of Saks' shareholders and to take all necessary steps to ensure that Saks' shareholders receive the maximum value readily available for their shares of Saks common stock.

Under the terms of the proposal, public shareholders of Saks will receive $16 per share in cash for each share of Saks they own. Morgan & Morgan says some analysts have estimated actual share value to be as high as $18.50.

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