Saks Owner Gets Rival Takeover Bid

A major investor in the owner of Saks Fifth Avenue made a $1.5 billion bid to take over the department store operator, seeking to derail plans for a management-led buyout.

Catalyst Capital Group on Wednesday said it has offered to pay C$11 ($8.29) a share in cash for Hudson’s Bay Co., the owner of Saks and other retailers. The proposal values the company at about $1.5 billion, according to a Catalyst spokesman.

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