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Report: Hudson's Bay to buy Saks Fifth Avenue

July 29, 2013 at 10:16 AM   |   Comments

NEW YORK, July 29 (UPI) -- The race to scoop up U.S. luxury retailer Saks Fifth Avenue has been won by Canadian chain Hudson's Bay, sources told the New York Post.

"It's a done deal. Baker has won his prize," one source told the Post, referring to Richard Baker, the chairman at Hudson's Bay who orchestrated a purchase of Lord & Taylor in 2006.

Saks had hired Goldman Sachs to find a buyer, but a spokesman for the financial giant would not comment on the sale, the Post said.

The price of the deal was not disclosed but the final figure is likely between $17 and $18 per share, a jump ahead of Hudson's Bay's original offer of $15 to $16 per share, the Post said.

Real estate tycoon Barry Sternlicht was interested in Saks, but backed down after his partner, Catterton Partners, pulled back. A late bid from an undisclosed candidate also failed to materialize. That bid was reported to be from a sovereign investments fund in the Middle East.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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