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In an amended 13D filing on Saks Incorporated (NYSE: SKS), Johannesson Jon Asgeir/Baugur disclosed an 8.5% stake (12,210,000 shares) in the company. Jon Asgeir noted that after purchasing the shares and becoming more familiar with the company, including through meetings with members of management, they determined that it would like to explore the possibility of making a proposal for the acquisition of the company.

Baugur expects to seek to engage in discussions with management and members of the Board of Directors with respect to a possible acquisition of the Issuer. In addition, Baugur has consulted with financial and legal advisers and expects to hold discussions with Landmark and other third parties with respect to the financing of a possible acquisition.

From the Filing:

Baugur purchased the shares as part of its global investment portfolio and believes them to represent a sound acquisition. After purchasing the shares and becoming more familiar with the Issuer, including through meetings with members of the Issuer’s management, Baugur determined that it would like to explore the possibility of making a proposal for the acquisition of the Issuer. In furtherance of the foregoing, Baugur has had exploratory discussions with Milestone Resources Group Limited (Landmark), which is currently a shareholder of the Issuer and principally owned by Micky Jagtiani, the principal owner of the Landmark Group, to explore the possibility of making a joint proposal with Landmark and/or one or more affiliates of Landmark for the acquisition of the Issuer. Baugur expects to seek to engage in discussions with the Issuer’s management and members of the Issuer’s Board of Directors with respect to a possible acquisition of the Issuer. In addition, Baugur has consulted with financial and legal advisers and expects to hold discussions with Landmark and other third parties with respect to the financing of a possible acquisition. In connection with these efforts, Baugur or its affiliates may seek to enter into agreements, arrangements or understandings with other shareholders of the Issuer, including Landmark, with regard to such shareholders’ shares or other matters that relate, directly or indirectly, to Baugur’s current intent to explore a possible proposal for the acquisition of the Issuer. In addition, Baugur may seek to engage in discussions with management of the Issuer concerning the business and/or operations of the Issuer and/or concerning potential investments by Baugur in securities of the Issuer and/or its subsidiaries. Such discussions may relate to one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D. Baugur or its affiliates may also submit to the Issuer one or more indications of interest, orally or in writing, with respect to a possible transaction.

Although Baugur is currently actively exploring its options with respect to the Issuer, there can be no assurances that Baugur will seek to implement any one or more of the foregoing actions and Baugur expressly reserves the right to change its intentions with regard to the Issuer.

Depending on prevailing market, economic and other conditions, Baugur may from time to time acquire additional securities of the Issuer, convert or exchange securities that it holds, engage in discussions with the Issuer concerning further acquisitions of securities of the Issuer or otherwise invest in the Issuer or one or more of its subsidiaries. Baugur intends to review its investment in the Issuer on a continuing basis and, depending upon the price and availability of the Issuer’s securities, subsequent developments concerning the Issuer, the Issuer’s business and prospects, other investment and business opportunities available to Baugur, general stock market and economic conditions, tax considerations and other factors considered relevant, may decide at any time to increase or decrease the size of its investment in the Issuer or to sell any or all of the securities of the Issuer that it holds.

Other than as set forth above, none of Mr. Jón Ásgeir Jóhannesson, Baugur nor, to the best of its knowledge, any of Baugur’s executive officers or directors listed in Schedule A have any present plans or proposals that relate to or would result in any transaction, change or event specified in clauses (a) through (j) of Item 4 of Schedule 13D.

Source: Jon Asgeir/Baugur to Explore Aquisition of Saks