A group of shareholders of Saks Fifth Avenue91ÂãÁÄÊÓƵ™s parent is making an offer to take the struggling department store chain private.
The offer, announced Monday, is being led by Hudson91ÂãÁÄÊÓƵ™s Bay Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors, Hanover Investment SA and Abrams Capital Management. The proposal values the company at 9.45 Canadian dollars ($7.12) per share in cash. That91ÂãÁÄÊÓƵ™s a 48% premium to the company91ÂãÁÄÊÓƵ™s closing share price on the Toronto Stock Exchange on Friday.
The group of shareholders together own 57% of the Canadian company.
The offer is conditioned in part on the $1.5 billion sale announced Monday of Hudson91ÂãÁÄÊÓƵ™s remaining half of its interest in its European business.
Like many department stores, Hudson91ÂãÁÄÊÓƵ™s Bay has struggled to adapt to a changing retail landscape.
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Anne D91ÂãÁÄÊÓƵ™Innocenzio, The Associated Press
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