Arab Today, arab today hudson\s bay to buy saks fifth avenue
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Hudson\'s Bay to buy Saks Fifth Avenue

Arab Today, arab today

Arab Today, arab today Hudson\'s Bay to buy Saks Fifth Avenue

New York - UPI

The race to scoop up U.S. luxury retailer Saks Fifth Avenue has been won by Canadian chain Hudson\'s Bay, sources told the New York Post. \"It\'s a done deal. Baker has won his prize,\" one source told the Post, referring to Richard Baker, the chairman at Hudson\'s Bay who orchestrated a purchase of Lord & Taylor in 2006. Saks had hired Goldman Sachs to find a buyer, but a spokesman for the financial giant would not comment on the sale, the Post said. The price of the deal was not disclosed but the final figure is likely between $17 and $18 per share, a jump ahead of Hudson\'s Bay\'s original offer of $15 to $16 per share, the Post said. Real estate tycoon Barry Sternlicht was interested in Saks, but backed down after his partner, Catterton Partners, pulled back. A late bid from an undisclosed candidate also failed to materialize. That bid was reported to be from a sovereign investments fund in the Middle East.

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