Hudson's Bay to Buy Saks for $2.9 Bln
Hudson's Bay Co. has agreed to buy Saks for $16 a share or $2.9 billion. The board of each company has approved the transaction and the deal is expected to close by the end of the calendar year. The deal includes a 40-day "go-shop" period where Saks can solicit alternative offers. The Saks auction had drawn interest from PE with KKR reportedly wanting to merge Saks with Neiman-Marcus. BofA Merrill Lynch advised Hudson's Bay. RBC Capital Markets acted as an additional financial advisor on the transaction. Goldman Sachs, Morgan Stanley and Guggenheim Securities acted as financial advisors to Saks.
29 July 2013•10 mins read
