Saks Inc. detailed the six-month process that led to last month’s deal with Hudson’s Bay Co. in a Securities and Exchange Commission filing Tuesday. Most of the names were redacted, but the players are believed to include Catterton Management as Sponsor A, Neiman Marcus Inc. as Company B and private equity firm KKR & Co. as Sponsor C (which helped Saks make its run at Neiman’s), as well as Ares Management, Holt Renfrew and Starwood Capital. RELATED STORY: HBC's Saks Purchase — The Anatomy of a Deal >>
FEBRUARY • Sponsor A calls Saks chairman and chief executive officer Stephen I. Sadove to express interest in an acquisition.
EARLY MARCH • Sadove meets with senior representatives of Sponsor A.
MARCH 7 • Saks’ board mulls “potential strategic transactions” including a buyout by Sponsor A or an acquisition of privately held retailer Company B.
APRIL1 • Sadove meets with Richard Baker, chief of Hudson’s Bay Co., at the request of Baker. A takeover of Saks is discussed.
APRIL11 • The finance and executive committees of Saks’ board meet and direct Sadove to continue evaluating potential transactions. Saks management or the company’s banker, Goldman Sachs, meet with private equity firms Sponsor C and Sponsor D, to discuss “equity financing” for an acquisition of Company B.
WEEK OF APRIL15 • Saks meets with HBC as well as Sponsor A and that firm’s potential partner in a Saks buyout, Sponsor E.
MAY 17 • Goldman gives Company B’s principal shareholders Saks’ nonbinding acquisition proposal to acquire Company B, which is quickly rejected as “insufficient.”
WEEK OF JUNE 3 • Sponsors A and E prepared to offer $15 to $16 a share for Saks. HBC prepared to offer $15 to $15.25 a share.
JUNE 6 • Saks sweetens its offer for Company B with a higher price.
WEEK OF JUNE 10 • A privately held retailer, Company F, steps up as interested in working with Sponsors A and E on a Saks takeover but never takes part in a bid.
JULY 5 • Company B nixes Saks’ proposed price as “still insufficient.”
EARLY JULY • Sponsor A drops out and Sponsor E is in discussions with another private equity firm, Sponsor G, as a partner.
JULY 11 • HBC proposes $15.25 a share for Saks.
• Sponsors E and G propose $14.50 to $15.50. Subsequently, Sponsor G leaves the process and Sponsor A rejoins the hunt.
JULY 13 • The senior management of Saks and Company B meet to discuss a possible deal.
JULY 17 • Saks’ board authorizes Goldman Sachs to inform HBC and Sponsors E and A that their proposals were “insufficient.”
JULY 18 • Saks enters a confidentiality agreement with Company B for Saks to engage in due diligence.
JULY 21 • A privately held firm unknown to Saks, Company H, proposes a $2.6 billion cash acquisition, but Goldman cannot locate the appropriate person at Company H to deal with.
JULY 23 • Company B indicates “the parties would be unable to agree on financial terms for a business combination” and Saks’ board concludes it’s not willing to meet Company B’s minimum price.
• Goldman Sachs informs HBC advisors that it “would need to increase the per share price of its offer to at least $16 per share.”
• Talks between Saks and Company B cease.
• There is no indication that Sponsors A and E are prepared to increase their initial price range of $14.50 to $15.50 a share or that they would “be prepared to conclude their diligence more quickly than they had previously indicated.”
JULY 24 • HBC tells Goldman its prepared to offer $16 a share.
JULY 25 • Sadove speaks to Baker on the phone and suggests they meet in person the following day.
JULY 26 • Sadove and Baker meet and discuss opening issues and Saks’ recent results.
JULY 28 • Saks’ board holds a telephone meeting and unanimously agrees to approve the merger.
JULY 29 • Saks and HBC announce a deal with a 40-day go-shop period for Saks to court other buyers.
AUGUST • None of parties contacted during the go-shop period have submitted a proposal for Saks.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion