Monday, August 30, 2010

Saks Rallies On Takeover Speculation

Shares of upscale retailer Saks Inc. (NYSE: SKS) surged more than 19% in after-hours trading Monday after the Daily Mail reported that a private equity consortium, comprised of U.S. and U.K. players, is looking to make a bid for the company. According to the report, due diligence is almost complete and a cash bid of $1.7 billion, or $11 per share, could be announced soon.

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