Saks (SKS) Moves Higher On Private Equity Takeover Reports
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Shares of upscale retailer Saks (NYSE: SKS) are moving in after-hours trading Monday on reports from the Daily Mail that a private equity consortium, comprised of U.S. and U.K. players, is looking to make a bid for the company.
According to the report, due diligence is almost complete and a cash bid of $1.7 billion, or $11 per share, could be announced soon.
Shares of Saks closed at $6.60 per share today.
The report said one stumbling block to a deal could be Mexican billionaire Carlos Slim, who owns a large chunk in the company.
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According to the report, due diligence is almost complete and a cash bid of $1.7 billion, or $11 per share, could be announced soon.
Shares of Saks closed at $6.60 per share today.
The report said one stumbling block to a deal could be Mexican billionaire Carlos Slim, who owns a large chunk in the company.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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