The parent of Lord & Taylor has agreed to buy luxury retailer Saks for about $2.4 billion.
The news comes a little over a month after reports surfaced that the buyer, Hudson's Bay Co. was interested in acquiring Saks Inc.
Hudson's Bay, which also runs some Canadian department stores, will pay $16 per share for Saks, a 5 percent premium over the company's Friday closing price of $15.31.
