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US private equity firm Starwood Capital has placed a bid for luxury department store chain Saks Fifth Avenue, according to theNew York Post.
Barry Sternlicht, CEO and founder of Starwood Capital, is reportedly offering between $17 and $18 a share, or roughly $2.5bn for his bid.
Saks owns two thirds of its stores, with the value of its real estate holdings estimated to be $1.5bn. Sternlicht is rumoured to be planning to split Saks’ real estate holdings from its operations, enabling the retailer to lease its space, should his bid be successful.
Although Sternlicht’s Starwood Capital is said to be the frontrunner in the bidding war for Saks, Canadian department store operator Hudson’s Bay and Middle Eastern sovereign wealth fund Qatar are also said to be in the running.
Saks shares climbed over 8% the day after news of Sternlicht’s interest in Saks first broke, climbing $1.21 to $15.89.