Saks Inc. is done playing the field.
This story first appeared in the September 7, 2013 issue of WWD. Subscribe Today.
The luxe retailer has spent the last five-plus weeks looking for a sweeter deal than the buyout agreement it already has with Hudson’s Bay Co., but it’s not clear that anything has materialized.
Saks agreed to a $2.9 million takeover by Hudson’s Bay in late July. The agreement had a 40-day go-shop period that Saks could use to solicit other offers. That window closed at 12:01 Friday morning, but a Saks spokeswoman declined to comment when asked if the company was evaluating any rival bids.
Under the agreement with Hudson’s Bay, Saks can take another 20 days after the end of the go-shop period to consider competing proposals.
Saks said in a regulatory filing last month that, as of Aug. 19, “none of the parties contacted on behalf of Saks as part of the go-shop process has submitted an acquisition proposal for Saks.” If Saks did ultimately go with a bid it received in the last days of the go-shop period, it would have to pay Hudson’s Bay a $40.1 million termination fee. The fee increases to $73.5 million in the unlikely scenario that the company went with a bidder who emerged after the go-shop period expired.
The deal, which would put Saks, Lord & Taylor and Hudson’s Bay all under the control of HBC chief executive officer Richard Baker, is expected to close by the end of the calendar year.