Report: Hudson's Bay to buy Saks Fifth Avenue

July 29, 2013 at 10:16 AM

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.

Related UPI Stories
Latest Headlines
Trending Stories
Nobel Prize in Chemistry awarded to DNA cell repair pioneers
Priest suspended after defending pedophilia in TV interview
U.S. asks how Islamic State militants got so many Toyotas
At least 17 dead in Carolinas, more flooding expected
NASA releases thousands of Apollo mission photos on Flickr