NEW YORK — In its bid to buy Saks Fifth Avenue, Hudson’s Bay Co. faced competition right down to the wire.
According to sources, Neiman Marcus Group, working with private equity firm KKR & Co., was back in the running for Saks as late as last week, after an earlier pursuit that fell flat. The second time around was a more compelling offer, sources said, but Saks nixed Neiman’s because a government antitrust investigation of a Neiman’s-Saks combination would have delayed a deal for months and caused administrative burdens for both retailers considering the enormous documentation that would have been required by the government.
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