Lord & Taylor parent co. buying Saks

Lord & Taylor parent co. buying Saks

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NEW YORK (AP) - Luxury retailer Saks is being purchased by the parent of Lord & Taylor for approximately $2.4 billion.

The news comes a little over a month after reports surfaced that Hudson's Bay Co. was interested in buying Saks Inc.

Hudson's Bay, which also runs some Canadian department stores, will pay $16 per share for Saks. This is a 5% premium to the company's Friday closing price of $15.31.

The companies put the deal's total value at about $2.9 billion including debt.

Saks' stock jumped nearly 4% in Monday premarket trading. Shares are up 46% for the year to date.

The buyout is targeted to close before year's end. It still needs approval from Saks' shareholders.

The New York-based retailer has about 150.2 million outstanding shares, according to FactSet.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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