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Retail

Is Saks In Play? (SKS)

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By Douglas A. McIntyre Updated Published
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A report out of Citigroup this morning is sending shares of Saks Inc. (NYSE: SKS) higher this morning.  The broker reiterated its BUY rating on the stock and its $20.00 target notes that the high-end retailer may be in-play as a merger target.  Citi noted that Baugur’s filing earlier this week shows forward contracts to buy more shares.

If this sounds at all familiar, that is because this one has been a buyout rumor on many occasions in the past two years.  A year ago, this was noted by Jim Cramer positively on this chance and Dana Cohen gave this a 50/50 chance of being a $21.00 buyout.  This was also one of our recent "top US brands that could disappear" as US-owned companies because foreign buyers can take advantage of the weak dollar to buy vanity and non-key companies.

Shares are up almost 5% at $12.55 so far this morning and the 52-week trading range is $11.04 to $23.05.

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Jon C. Ogg
June 13, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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