Updated from 6:25 a.m. EDT
NEW YORK (
) -- Shares of
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
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
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
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