This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Saks Pops on Sternlicht Bid Rumors

NEW YORK ( TheStreet) - Saks (SKS) shares jumped 8% on Friday right before the close of trading, on a report New York real estate titan Barry Sternlicht is bidding for the luxury department store.

According to the New York Post citing unnamed sources, Sternlicht, the founder and CEO of Starwood Capital, is "salivating" over Saks' Fifth Avenue flagship store, which has been valued at upwards of $1 billion. Sternlicht is also CEO and Chairman of Starwood Property Trust (STWD).

The Post reports that Sternlicht may have offered between $17 and $18 a share, not far off from the roughly $2.5 billion Lord & Taylor parent Hudson's Bay offered.

Saks shares closed on Friday up 8.2% to $15.89 on exceptionally heavy volume, trading more than five times its daily share volume.

Sternlicht wants to split Saks' real-estate holdings from the company, which could mean the department store would rent the stores it currently owns. The real estate magnet, Sternlicht, who created the W Hotels chain, could emerge as the surprise leader in the bid. He envisions current Saks CEO Steve Sadove remaining in his role, the Post noted.

The third bidder is believed to be a Middle Eastern sovereign wealth fund likely in Qatar.

-- Written by Laurie Kulikowski in New York.

To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.

>To submit a news tip, email: tips@thestreet.com.

Follow TheStreet on Twitter and become a fan on Facebook
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
SKS $0.00 0.00%
AAPL $113.29 0.00%
FB $91.01 0.00%
GOOG $630.38 0.00%
TSLA $248.48 0.00%

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs