Company: Saks Inc, SKS
Saks Inc (SKS.N) shares surged 22 percent on Tuesday after a published report that a group of private equity firms may soon launch a bid for the New York-based luxury department store operator.
The Daily Mail, a British newspaper, said a consortium of U.S. and British firms may make a cash offer of $11 per share, or $1.7 billion in all, for the company. The report did not cite sources or name the firms that might bid.
Saks shares were up $1.45, or 22 percent, to $8.05 in afternoon trade but were well short of a 52-week high of $10.65 reached in April. Prior to the Daily Mail report, the company had a market value of $1.06 billion.
A Saks spokeswoman said in an email that the company does not comment on rumors or speculation.
The chain, known for its flagship store on Manhattan's Fifth Avenue, has been the object of repeated takeover speculation in recent years, with media reports saying potential bidders included buyout firms Cerberus Capital Management [CBS.UL] and Britain's Permira [PERM.UL].
Its shares have languished with doubts about the pace of a U.S. economic recovery, though it says its core clientele of wealthy customers is still buying.
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Disclosure: SKS, YHOO