Breaking Finance News

BREAKING- Hudson’s Bay to Acquire Saks Fifth Ave (SKS)

On Sunday, Breaking Finance News reported that the New York Post published an unconfirmed report that Hudson’s Bay would acquire Saks Fifth Avenue (NYSE: SKS) for an undisclosed amount.

Monday morning, the two companies announced that the story was, in fact, true.

Hudson’s Bay will acquire the company for $16 per share–a premium of 4.5 percent over Friday’s closing price. Steve Sadove, Chairman and CEO of Saks, commented,

“We believe this transaction delivers compelling value to our shareholders and that Saks Fifth Avenue is an excellent fit within the HBC organization. We also believe that HBC recognizes the tremendous value of our people, our real estate, our customer and vendor relationships, and most importantly the power and potential of our iconic brand. The $16 per share price represents an approximate 30% premium to the May 20, 2013 closing price, the day before media speculation began. We have made significant progress over the past few years to position Saks for future growth and to evolve into an omni-channel retailer. We are excited about what this opportunity and being part of a much larger enterprise can mean for the future of the Saks Fifth Avenue brand.”

Read our previous coverage of the deal here.

[stock-tools exchange="NYSE" symbol="SKS" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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