The owner of Saks Fifth Avenue and Lord & Taylor has approached Macy’s with a possible takeover deal.
According to people familiar with the matter, Hudson’s Bay is hungry for acquisitions and, despite Macy’s recent troubles, the Canadian firm views Macy’s as a healthy company with strong cash flow that only needs to boost business investment, the Wall Street Journal reports. The talks are in a preliminary stage, and there is no certainty a deal will be reached. A deal for Macy’s real estate is also on the table.
While Hudson’s Bay is only worth $1.4B compared to Macy’s $9.8B, experts said it could support a deal by raising equity against its real estate portfolio, which may be worth up to $14B. [WSJ]
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