Dive Summary:

• The 40-day period for Saks to seek any additional offers from potential suitors has passed, signaling a progression in the merger between the retailer and Hudson’s Bay Co.
• The contracted agreement allowed Saks a 40-day period to gather alternative proposals to the one offered by Hudson’s Bay.
• According to Chain Store Age, Saks did not generate any substantial proposals, making them now subject to standard “no-shop” provisions as the acquisition moves forward.

From the article:

The planned transaction has been approved by each company's board of directors and is expected to close before the end of the calendar year, subject to approval by Saks shareholders and other customary closing conditions. ...