The New York Post is reporting that Saks Fifth Avenue (NYSE: SKS) was purchased by Hudson’s Bay, the Canadian department store chain that owns Lord & Taylor.
Hudson’s Bay chairman Richard Baker has reportedly had his eye on Saks Fifth Avenue for more than a decade but in recent weeks, he has been in talks with Saks execs about combining the companies.
Baker wants to bring Saks to Canada in response to reports that Nordstrom plans to enter the Canadian retail market.
The report claims that Hudson’s Bay will pay between $17 and $18 per share–up to a 17 percent premium over Saks’ closing price on Friday.
Disclosure: At the time of this writing, the author had no position in the company mentioned.
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