Saks Rises on Reports of Possible P-E Bid

Shares of Saks rose more than 22% on reports that a private-equity group of U.S. and U.K. investors could be planning a bid for the retailer.
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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

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Joseph Woelfel

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