By and  on June 16, 2008

Shares of Saks Inc. rose 4.2 percent to close at $12.49 in New York Stock Exchange trading Friday after Citigroup Inc. issued a research note indicating a takeover of the retailer is a "probability."

The Icelandic firm Baugur Group earlier last week rolled over its forward contracts from July 2007. The new contracts for Saks shares mature on July 30. Baugur doesn't currently own any Saks shares. The nine contracts give Baugur the right to acquire 12.2 million shares of common stock at forward prices ranging from approximately $12 to $23 per share.

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