Seeking Alpha
 

Saks Incorporated (SKS)

- NYSE
SKS is defunct.
  • Jul. 29, 2013, 7:40 AM
    • The $2.4B purchase of Saks (SKS) will bring three strong brands - Hudson's Bay, Lord & Taylor, and Saks - under the same umbrella and generate significant benefits. The company expects to achieve ~$97M of annual synergies within three years while keeping each of the iconic businesses distinct.
    • The deal will be financed through a combination of $1B in new equity, $1.9B in secured loans, and cash on hand.
    • Saks has a 40-day window to find a better offer subject to customary breakup fees.
    • SKS +3.9% premarket to $15.93.
    | Comment!
  • Jul. 29, 2013, 7:12 AM
    • Hudson's Bay says it will buy Saks (SKS) for $16 per share.
    • The combined company will have 320 stores in the U.S. and Canada.
    • Shares of Saks +4.3% premarket.
    | Comment!
  • Jul. 22, 2013, 3:34 PM
    S&P places Saks' (SKS -4%) BB credit rating on watch for a possible downgrade as it raises concerns about "meaningful amounts of debt" likely needed to finance an expected buyout. In addition to Lord & Taylor parent Hudson Bay reportedly bidding for the luxury retailer, Starwood Capital is said to have made an offer, and Qatar Holding may be interested.
    | Comment!
  • Jul. 19, 2013, 3:58 PM
    Saks (SKS +9%) soars towards $16 in late trading after the NY Post reports real-estate mogul Barry Sternlicht has made a bid for the high-end retailer; one source claims it's in the $17-$18/share range, putting it about even with Hudson Bay's. The paper adds Sternlicht "may be emerging as the surprise leader" in the battle to acquire Saks, in part because (unlike Hudson Bay) he's willing to let CEO Steve Sadove keep his job. A Middle Eastern sovereign wealth fund is also reportedly interested in the company.
    | Comment!
  • Jun. 24, 2013, 8:44 AM
    Saks (SKS) is a serious target of Hudson's Bay, according to Women's Wear Daily. Talks are ongoing as the Canadian firm reviews how Saks might fit into its North American plans. SKS +3.4% premarket.
    | Comment!
  • May. 30, 2013, 4:59 PM
    Neiman Marcus' private-equity owners TPG and Warburg Pincus declined an offer to merge the retailer with Saks (SKS), WSJ says, citing sources who claim the deal undervalued Neiman. Other stumbling blocks included logistical difficulties, overlap, and the sheer complexity of the undertaking. Shares of SKS -1.33% AH.
    | Comment!
  • May. 22, 2013, 1:16 PM
    More on Saks-Neiman Marcus: A combination of the two high-end retailers could help save costs through store closings and would give rival Nordstrom (JWN +0.5%) plenty to think about. Still, striking a deal price could be very tricky with KKR advising Saks (SKS +17%) on one side and Goldman Sachs repping Neiman Marcus on the other. Stay tuned.
    | Comment!
  • May. 21, 2013, 4:13 PM
    Saks (SKS +11.1%) has hired Goldman to explore strategic alternatives, "including a possible sale of the company," the NY Post reports. P-E firms, including KKR and Leonard Green, are seen as likely bidders. Shares +15.8% AH, adding to today's big post-earnings gains.
    | 2 Comments
  • May. 6, 2013, 5:00 AM
    More on a possible Neiman Marcus IPO: TPG Capital and Warburg Pincus reckon they can pull in $8B for the department store chain after sinking $5.1B into a purchase in 2005. If a deal is struck, the valuation set could be of interest to investors of mall rivals Saks (SKS) and Nordstrom (JWN).
    | Comment!
Visit Seeking Alpha's
Company Description
The operations of Saks Incorporated, a Tennessee corporation first incorporated in 1919, and its subsidiaries (together the “Company”) consist of Saks Fifth Avenue (“SFA”), Saks Fifth Avenue OFF 5TH (“OFF 5th”), and SFA’s e-commerce operations. Previously, the Company also operated Saks... More
Sector: Services
Country: United States