I don't know how true it is, but Canada's Hudson's Bay Co., widely reported to be in talks to acquire Macy's Inc., may also be interested in luxury retailer Neiman Marcus. Luxury retailer Neiman Marcus says it's exploring strategic alternatives.
The Canadian Pension Plan Investment Board currently owns 50 per cent of the company, with private equity firm Ares Management as an equal partner. Neiman Marcus disclosed it is exploring strategic alternatives, including a possible sale of the company. Neiman Marcus scuttled plans for an initial public offering in January, as the retailer grapples with slowing sales.
Macy’s market cap, at just shy of US$9.4 billion, is more than five times the value of Hudson’s Bay, though the latter has forecast its real estate assets hold as much as $14.2 billion in value.