Saks Inc. gained 8.3 percent to close at $21.44 in trading Tuesday as the stock was buoyed by a Baugur Group regulatory filing late Monday indicating that it might pursue a joint bid with Landmark Group for the luxury retailer.

Baugur is the second-largest investor in Saks, and said in a filing with the Securities and Exchange Commission that it "expects to seek to engage in discussions" with the management of the luxury retailer.

Tuesday's closing price is close to the $22 industry sources described as a starting point for any acquisition discussions.

The stock's 52-week high is $23.25, and the low is $14.38. Trading volume was about 4 million, which is above its 3 million volume average for the past three months, according to Yahoo Finance. The stock's market capitalization is around $3 billion.

Baugur said in its SEC filing it might make a joint bid for Saks with Milestone Resources Group Ltd., also known as Landmark Group. The Dubai-owned Landmark Group, which also owns shares of Saks, has had "exploratory discussions" with Baugur, according to the filing.

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