Hudson’s Bay to buy Saks for $2.4 bn

Luxury retailer Saks is being purchased by the parent of Lord & Taylor for approximately $2.4 billion

Written by Associated Press | New York | Published:July 30, 2013 3:46 am

Luxury retailer Saks is being purchased by the parent of Lord & Taylor for approximately $2.4 billion. The news comes a little over a month after reports surfaced that Hudson’s Bay was interested in buying Saks Inc.

Hudson’s Bay,which also runs some Canadian department stores,will pay $16 per share for Saks,a 5 per cent premium over the company’s Friday closing price of $15.31.

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