New York Post Reports Barry Sternlicht of Starwood Said to Bid For Saks, Bid Said to Be Between $17-18 Per Share
"Barry Sternlicht — the New York real-estate titan who created the W Hotels chain — has submitted a bid for the swanky department-store chain," the New York Post reported. "While the size of the bid couldn't be learned, one source said Sternlicht has offered between $17 and $18 a share, roughly equal to an offer from Hudson's Bay, the Canada-based owner of Lord & Taylor which is equal to roughly $2.5 billion."
The Post believes that Sternlicht is the preferred bidder for the stock because they believe that he would keep CEO Steve Sandove in his current role. The post also reports that a third bidder from the Middle East has emerged in what could turn into an epic bidding war.
Sachs shares spiked sharply higher on the news. Shares rose from below $15 to a high of $17.51 before retreating to $16.00, still posting a gain of just under 9 percent for the day.
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