Fitch puts Saks on negative watch

Fitch Ratings said it placed Saks Inc. on Rating Watch Negative.

This action follows the company's announcement that it entered into a definitive merger agreement with Hudson's Bay Co.

Hudson's Bay will acquire Saks for $16 per share in an all-cash transaction valued at about $2.9 billion, including debt. This equates to approximately 11x of Saks' LTM EBITDA. The transaction is expected to close before the end of the calendar year, subject to approval by Saks shareholders, regulatory approvals and other customary closing conditions.

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