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, a 5 percent premium over the company's Friday closing price of $15.31.
The companies put the deal's total value at about $2.9 billion including debt. FactSet says the New York-based retailer has about 150.2 million outstanding shares.
Saks' stock jumped more than 3 percent in Monday premarket trading. Shares are up 46 percent for the year to date.
