NEW YORK (AP) — The shareholders of Saks have overwhelmingly approved the luxury retailer's sale to Hudson's Bay Co.
Saks Inc. said in July that it would be acquired by Hudson's, the Canadian parent of retailer Lord & Taylor, for about $2.24 billion.
The company said that about 99.4 percent of the total votes cast at a special meeting on Wednesday were in favor of the transaction.
Saks shareholders will receive $16 for each share they own once the deal closes. It is expected to be completed on Monday.
Last month Saks announced that Chairman and CEO Stephen Sadove and President and Chief Merchant Ronald Frasch will leave the company once the transaction closes. Hudson's Bay said that Marigay McKee will take over as president.
Saks currently has 41 Saks Fifth Avenue stores and 72 Saks Fifth Avenue Off 5th stores.
The New York company's stock shed 3 cents to $15.99 in afternoon trading. Saks' stock will be delisted from the New York Stock Exchange when the deal is complete.