Dive Summary:
- Reports from The Financial Post and sources familiar with the ongoing discussions state that Hudson’s Bay Co. has emerged as another potential buyer of the luxury store chain Saks Inc.
- Canadian-based Hudson’s Bay Co. is believed to have been considering an acquisition of the U.S. retailer since spring of 2013. Neiman Marcus recently rejected a proposal to acquire the New-York based Saks Inc.
- Saks Inc. has seen its stock value rise sharply since it appointed Goldman Sachs to explore a possible sale of the company in May.
From the article:
... Should Mr. Baker make a bid for Saks, there would also, presumably, be a real estate angle. After acquiring Hudson’s, Mr. Baker struck a complex deal to sell the rights to leases on an under-performing division Hudson’s Bay to Target for about $1.8 billion. The deal enabled him to pay down a large amount of debt. ...
