Sources: Neiman says "no" to proposed Saks merger

05/31/2013 | Wall Street Journal, The

Neiman Marcus reportedly turned down a proposal made by buyout firm KKR to invest in Saks Fifth Avenue and merge the two retailers, sources said. Private-equity firms TPG and Warburg Pincus paid $5.1 billion for Neiman Marcus in 2005, and are now exploring options for a sale or public offering.

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