Retail Industry
Industry: Email Alert RSS FeedConfirm Saks' price under discussion. (Investcorp disputes acquisition price for Saks Fifth Avenue)
Daily News Record, October, 1990
CONFIRM SAKS' PRICE UNDER DISCUSSION
NEW YORK (FNS) -- Investcorp confirmed Thursday that it is holding discussions with B.A.T. Industries about the evaluation of inventory in the $1.5 billion purchase of Saks Fifth Avenue, but called them "part of the normal closing adjustment process."
An Investcorp spokesman said that it is not unusual for purchase contracts to be subject to adjustments.
According to market reports (DNR, Oct. 17, Page 2), Investcorp is seeking a reduction in the purchase price of between $50 million and $100 million because it contends the Saks evaluation did not realistically account for markdowns.
Investcorp declined to discuss the amount involved or the specific issues.
In London, a B.A.T. spokesman...
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