Saks Fifth Avenue parent Hudson’s Bay Co. said Wednesday it has received an offer for its German business from Signa Holding GmbH, the owner of its main German rival, confirming market speculation. The Canadian company said the unsolicited offer “is subject to many assumptions, conditions and contingencies,” and said it has no evidence of financing. “Consistent with its fiduciary responsibility, the Board intends to review the offer in due course,” the company said in a short statement. It added that its European business is a key part of its strategy and that it will not comment further unless required by law. Shares were halted for the news, but are down 7% in 2017, while the S&P 500 has gained 15%.
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