Shareholders on both sides of Hudson’s Bay Co.’s proposed buyout of Saks Inc. were happy Monday.
Investors pushed Hudson’s Bay’s stock up 5.8 percent to 17.45 Canadian dollars, or $16.97, on the Toronto Stock Exchange — a big vote of confidence given the risks of integrating another department store business into the company’s portfolio and taking on additional debt. Saks’ stock increased 4.2 percent to $15.95. A total of 66.7 million Saks shares traded hands, well above the 2.7 million daily average for the last three months.
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