Retail
Saks Rises on Reports of Possible P-E Bid
Stock quotes in this article:SKS
Updated from 6:25 a.m. EDT
NEW YORK (TheStreet) -- Shares of Saks(SKS) rose more than 22% Tuesday on reports that a private-equity group of U.S. and U.K. investors could be planning a bid for the retailer. Saks shares rose $1.46, or 22.05%, to $8.06 after the U.K.'s Daily Mail reported that due diligence on Saks is almost complete and a cash bid of $1.7 billion, or $11 a share, could be tabled soon. A possible stumbling block for any bidder, the Daily Mail reports, is that billionaires Carlos Slim and Diego Della Valle own a large chunk of the equity in Saks and would want top dollar for their shares. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: tips@thestreet.com.TheStreet Premium Services
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