Saks Incorporated announced that the review period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, for the previously announced sale by the Company of its Parisian business to Belk Inc ("Belk"), has expired.
On August 1, 2006, the Company and Belk entered into a definitive agreement, whereby Belk agreed to acquire the Parisian business for $285 million in cash.
The transaction is currently scheduled to close on October 2, 2006, subject to the satisfaction of certain other customary closing conditions. Belk acquired the Company's Proffitt's and McRae's businesses in July 2005.
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