Saks shares end up on report of interested bidders

Saks shares rise on media report that bidders are interested in the luxury retailer

Associated Press

NEW YORK (AP) -- Shares of luxury retailer Saks Inc. rose Friday after a report that some parties are interested in bidding for the company.

Shares rose 8 percent ahead of the close when the report came out.

The New York Post, citing unnamed sources, said that Starwood Capital Group CEO Barry Sternlicht was interested in bidding $17 to $18 per share for the New York company.

The report also said that a Middle Eastern sovereign wealth fund may also be interested in making a bid for the company.

Sternlicht could not be reached for comment. Saks did not respond to a request for comment.

Saks shares rose $1.21, or 8.2 percent, to close at $15.89 on Friday. The stock added another 19 cents to $16.08 in aftermarket trading. It has traded between $9.24 and $17.51 over the past 52 weeks.

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