Saks' board amends shareholder rights plan, approves bylaw amendments

By Lisa Kerner

Charlotte, N.C., Dec. 14 - Saks Inc.'s board of directors amended the company's shareholder rights plan, extending the expiration date to 5 p.m. ET on Dec. 14 from Nov. 26, the company announced on Monday.

The rights plan was adopted on Nov. 26, 2008.

"The board concluded that the rights plan has served the purpose for which it was originally implemented," chairman and chief executive officer Steve Sadove said in a company news release.

"When we executed our amended and restated revolving credit agreement on Nov. 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."

Saks also announced that its board voted to approve amendments to the New York-based retailer'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.

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