NEW YORK, Aug. 8, 2013 /PRNewswire/ -- Morgan & Morgan announces that it is investigating potential legal claims against the board of directors of Saks Incorporated ("Saks" or the "Company") (NYSE: SKS) relating to the proposed acquisition by Hudson's Bay Company.
Under the terms of the proposal, public shareholders of Saks will receive $16.00 per share in cash for each share of Saks they own.
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. According to Yahoo! Finance, at least one analyst has set a price target of $18.50.
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SOURCE Morgan & Morgan