Headlines

Starwood Bidding on Saks

Report says investor’s offer is roughly equal to HBC’s

Published

11 years ago

July 22, 2013

steve kaufman

Starwood Capital Group LLC (Greenwich, Conn.) has reportedly joined the bidding for luxury retailer Saks Inc. (New York).

According to Bloomberg News, “a person familiar with the matter,” who asked not to be identified because the talks are confidential, confirmed that an offer was made but wouldn’t disclose the value.

But The New York Post reported the offer at $17 to $18 per share. If true, it would be roughly equal to the offer made by The Hudson’s Bay Co. (Toronto). A third investor, now said to be the Qatar Wealth Fund, is also in the bidding.

Among its various holdings, mostly in the hospitality world, Starwood also owns Groupe du Louvre (Nanterre, France), maker of Baccarat crystal.

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