Saks owner to be taken private
The owner of Saks Fifth Avenue is being taken private by a group of its shareholders.
Hudson’s Bay said Monday that its common shares will be purchased for $7.86 per share in cash. The shareholder group, which includes Hudson’s Bay Executive Chairman Richard Baker, initially proposed in June a buyout offer of $7.21 per share.
The shareholder group together own 57% of the Canadian company.
In August Hudson’s Bay Co. agreed to sell Lord & Taylor to rental clothing company Le Tote Inc. for $100 million. Earlier this month it completed the sale of its European real estate and joint ventures.
Like many department stores, Hudson’s Bay has struggled to adapt to a dramatic shift to online shopping.
DACA deportation gets pushback
Several prominent Minnesota businesses are urging the U.S. Supreme Court to block a Trump administration plan to allow deportation of residents brought into the country illegally as children.
Best Buy, Target, Ecolab, Cargill, UnitedHealth Group and C.H. Robinson are among thousands of American companies signed on individually or through trade groups to a friend of the court brief filed earlier this month. The brief strongly criticizes the Trump plan on economic grounds. It urges preservation of the Deferred Action for Childhood Arrivals (DACA) program set up by the Obama administration in 2012. The program lets young people known as Dreamers stay in the country to pursue education and jobs.
Best Buy and Target signed on individually to the Supreme Court brief filed in anticipation of a November hearing on DACA.
Facebook updates election security
With just over a year left until the 2020 U.S. presidential election, Facebook is stepping up its efforts to ensure it is not used as a tool to interfere in politics and democracies around the world.
The efforts include a special security tool for elected officials and candidates that monitors them for hacking attempts. Facebook said Monday it will also label state-controlled media as such, label fact-checks more clearly and invest $2 million in media literacy projects.
The company says it will add more prominent labels on debunked posts on Facebook as well as on Instagram. It will put labels on top of what are deemed “false” and “partly false” photos and videos.
As part of its efforts outlined on Monday, Facebook says it will add more information about who is behind a page. This comes after the company said it noticed groups and people “failing” to disclose the organizations behind pages so people think it is run independently.