Marketplace   Menu Guide   Complete Pages      
butler eagle
Site last updated: Saturday, January 31, 2015 Bookmark our site!
Local PennsylvaniaNationalInternationalNews Extras  
Published: July 28, 2013 print this article Print save this article Save email this article Email ENLARGE TEXT increase font decrease font

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.





Back
Comments
Order Photos!
 
MORE NEWS HEADLINES
arrow Promos for Sunday
arrow Police investigate possible shot fired
arrow Prospect man is cleared
arrow Property owners will receive up to $5M in Route 228 project
 
MOST READ ARTICLES
arrow District attorney pulls back offer of lie detector test
arrow Mother catches baby dropped from window of burning house
arrow Film crew to shoot at Butler Memorial
arrow Molestation case hinges on lie detector test