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.
You can join our open email distribution list to hear about other mergers, IPO’s, secondary offerings, private financings, activist investors, and more.
Jon C. Ogg
June 13, 2008
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.