Saks Fifth Avenue's $3B Bid to Acquire Neiman Marcus Rejected

Despite the rejection, negotiations between the two luxury retailers continue amid their financial struggles.

Saks Fifth Avenue has made a $3 billion offer to acquire Neiman Marcus, but the offer was rejected due to disagreements over the amount of the offer that was in cash.
Both luxury retailers are struggling, with Neiman Marcus having filed for bankruptcy in 2020 and Saks' owner, Hudson Bay Company, recently selling real estate holdings to raise $340 million to pay bills.
The potential merger is seen as a way for the two companies to have more power in negotiating with vendors and controlling costs.
Despite the rejection of the latest offer, negotiations between the two companies are ongoing, although no deal is expected until 2024.
Neiman Marcus' CEO Geoffroy van Raemdonck has been criticized for his high pay packages despite the company's financial struggles.