Hudson’s Bay Co. (HBC) agreed to buy Saks Inc. (SKS) for $2.4 billion, combining Canada’s largest-department store chain with one of the most prestigious U.S. luxury retailers in a deal that may spur the creation of a real estate investment trust. Hudson’s Bay, Canada’s oldest company, will pay $16 a share in cash, a 30 percent premium to New York-based Saks’s closing price on May 20, the day before media reports began, according to a statement today. The transaction, which brings together the Lord & Taylor and Saks Fifth Avenue brands, creates a company that will operate 320 stores.
Posted on: Mon, 29 Jul 2013 14:33:41 +0000
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