SAKS AND NEIMAN MARCUS MOVE FORWARD WITH TRANSACTION

HBC, the parent company of Saks Fifth Avenue, and Neiman Marcus Group (“NMG”), the parent company of Neiman Marcus and Bergdorf Goodman, have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) in connection with the companies’ previously announced transaction through which HBC will acquire NMG for $2.65 billion.

The expiration of the HSR Act waiting period satisfies the transaction’s closing condition. However, the transaction remains subject to other customary closing conditions. Until closing, the companies will continue to operate separately.

According to the FTC, the HSR Act “established the federal premerger notification program, which provides the FTC and the Department of Justice with information about large mergers and acquisitions before they occur. The parties to certain proposed transactions must submit premerger notification to the FTC and DOJ. Premerger notification involves completing an HSR Form, also called a “Notification and Report Form for Certain Mergers and Acquisitions,” with information about each company’s business. The parties may not close their deal until the waiting period outlined in the HSR Act has passed, or the government has granted early termination of the waiting period.”