Lord & Taylor

Saks sold to Lord & Taylor's Canadian owner Hudson's Bay

Saks sold to Lord & Taylor's Canadian owner Hudson's Bay

Luxury retailer Saks Inc. is going Canuck, selling itself for $16 a share to Hudson’s Bay, owner of department store chain Lord & Taylor.

The deal represents a 30% premium to Saks’ stock price on May 20, just before speculation emerged about a possible acquisition. The price is 4.5% above Saks’ closing price Friday.

The companies pegged the total value of the deal at $2.9 billion, including debt.

Together, Saks and Hudson’s Bay will create a business that spans luxury, mid-tier and outlet retail categories, with 320 stores total. The Canadian company said it expects roughly $97.3 million in cost savings over three years.

New York-based...

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