Higher Saks (SKS) Bid Unlikely, Says Citi

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July 30, 2013 10:20 AM EDT
Get Alerts SKS Hot Sheet
Price: $15.99 --0%

Rating Summary:
    0 Buy, 7 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 8 | New: 15
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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.

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