A private equity consortium is in talks to buy Saks, according to the Daily Mail.
The group, comprised of both U.S. and U.K. buyout shops, has been stalking Saks for months. Due diligence is near completed and a cash bid of $1.7 billion, or $11 a share, could be tabled soon, the Daily Mail said.
Shares of Saks closed Monday at $6.60. In after-hours trading, the stock gained more than 19% to $7.87.