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Article published July 28, 2013
Hudson's Bay buying Saks for $2.4 billion
NEW YORK — Luxury retailer Saks is being bought by the parent of Lord & Taylor for about $2.4 billion. The news comes a little over a month after reports surfaced that Hudson's Bay Co. was interested in buying Saks Inc. Hudson's Bay, which also runs some Canadian department stores, will pay $16 per share for Saks, a 5 percent premium over the company's Friday closing price of $15.31. The companies put the deal's total value at about $2.9 billion including debt. FactSet says the New York-based retailer has about 150.2 million outstanding shares. Saks' stock jumped more than 3 percent in today premarket trading. Shares are up 46 percent for the year to date. Saks will continue to run as a separate company under Hudson's Bay and will have its own merchandising, marketing and store operations employees. Key management personnel are expected to remain with the company. Saks will have a 40-day period in which to seek out alternative third-party bids. The buyout, which was approved by both companies' boards, is targeted to close before year's end. It still needs approval from Saks' shareholders.