Saks-Neiman's mergers seems good to go by virtue of a government review period expiring and no objections raised.
merger appears to have been OK’ed by the U.S. Department of Justice by virtue of its review period expiring and no objections to the deal emerging, according to sources familiar with the situation.Group for a total enterprise value of $2.6 billion. “The period of review has expired,” said one source, who requested anonymity. “At this time, there has been no objection to closing the transaction.
It’s also unclear when the deal might close. Based on the $6 billion purchase price in 2013, and very recent speculation that the price tag on Neiman’s would exceed $3 billion, it appears that Saks, at the $2.65 billion price, is getting a good deal. The government could have been concerned about the potential for HBC to raise prices, close stores, lay off workers and increase pressure on vendors. Recent history shows that these federal agencies have challenged transactions involving well-known businesses in other industries, such as Microsoft, Meta, American Airlines and JetBlue, but also in fashion/retail, with the FTC blocking.
Some pundits raised the possibility that the government could have required HBC to sell off certain locations in markets or malls shared by Saks and Neiman’s, but that does not appear to be happening.HBC has scheduled a podcast on Wednesday between Richard Baker, executive chairman and chief executive officer of HBC, and Marc Metrick, CEO of Saks Global, to provide an update on the business.
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