Neiman Marcus Group LLC this week rejected a $3 billion offer to be acquired by Saks Fifth Avenue LLC, The Wall Street Journal reported Friday, citing people familiar with the deal. In the latest chapter of merger talks stretching back for more than a decade, the two luxury retailers are again looking to team up to gain more clout with designer brands. Although Neiman Marcus is open to a deal, the latest offer from Saks lacked a significant amount of cash, the WSJ report said. Neiman Marcus is privately-held, although the company has been publicly traded in the past. Hudson’s Bay Co. currently owns Saks Fifth Avenue.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
