Higher Saks (SKS) Bid Unlikely, Says Citi
Get Alerts SKS Hot Sheet
Price: $15.99 --0%
Rating Summary:
1 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
1 Buy, 7 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Join SI Premium – FREE
Yesterday Saks, Inc. (NYSE: SKS) confirmed a deal to be acquired by Hudson's Bay Company for US$16.00 per share in an all-cash transaction valued at approximately US$2.9 billion, including debt.
Commenting, Citi analyst Deborah Weinswig said another bid is unlikely since $16 is at the high end of what a buyer might pay. Other bidders may not have the same synergies as Hudson's Bay, and in her view they have had time to put in a bid. She expects the transaction to be approved by Saks shareholders.
Citi has a Neutral rating on Saks Inc. (NYSE: SKS) with a modified price target of $16.00 (from $17.00)
For an analyst ratings summary and ratings history on Saks Inc. click here. For more ratings news on Saks Inc. click here.
Shares of Saks Inc. closed at $15.95 yesterday.
Commenting, Citi analyst Deborah Weinswig said another bid is unlikely since $16 is at the high end of what a buyer might pay. Other bidders may not have the same synergies as Hudson's Bay, and in her view they have had time to put in a bid. She expects the transaction to be approved by Saks shareholders.
Citi has a Neutral rating on Saks Inc. (NYSE: SKS) with a modified price target of $16.00 (from $17.00)
For an analyst ratings summary and ratings history on Saks Inc. click here. For more ratings news on Saks Inc. click here.
Shares of Saks Inc. closed at $15.95 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Acrivon Therapeutics Inc (ACRV) PT Lowered to $22 at Jones Trading
- Macquarie Upgrades ASM Pacific Technology (522:HK) (ASMVY) to Outperform
- Hong Kong Exchange (388:HK) (HKXCY) PT Raised to HK$324.31 at Nomura/Instinet
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT Change, Mergers and AcquisitionsRelated Entities
CitiSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!