Attached files
Exhibit
99.1
SAKS
INCORPORATED TERMINATES SHAREHOLDER RIGHTS PLAN
–
Board also amends Bylaws to clarify notice requirements for shareholders’
meetings –
| Contact: | Julia Bentley | |
| (865) 981-6243 | ||
| FOR IMMEDIATE RELEASE | www.saksincorporated.com |
New York,
New York (December 14, 2009)--Retailer Saks Incorporated (NYSE: SKS) (the
“Company”) today announced that its Board of Directors voted to amend the
Company’s Shareholder Rights Plan (“Rights Plan”), advancing its expiration date
from November 26, 2018 to December 14, 2009. Effective 5:00 p.m. ET
on December 14, 2009, the Rights Plan and the associated rights will expire and
will be of no further force or effect. The Rights Plan was adopted on
November 26, 2008.
Steve
Sadove, Chairman and Chief Executive Officer, commented, “The Board concluded
that the Rights Plan has served the purpose for which it was originally
implemented. When we executed our Amended and Restated Revolving
Credit Agreement on November 23, 2009, the change-of-control threshold in that
agreement was increased to 40% from the prior 20%. Accordingly, the
Board determined that the Rights Plan was no longer necessary for that
purpose."
The
Company also announced today that its Board of Directors voted to approve
amendments to the Company’s Bylaws to clarify the time and notice requirements
that a shareholder must meet in order to nominate directors or propose new
business at an annual or special meeting of shareholders.
Saks
Incorporated operates 53 Saks Fifth Avenue stores, 55 Saks OFF 5TH stores, and
saks.com.
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