Neiman Marcus rejects $3 billion takeover bid by Saks

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Saks Fifth Avenue wants to buy its rival Neiman Marcus. Neiman is open to a deal. But the two luxury dealers cannot agree on the terms of marriage.

This week, Neiman rejected Saks’ latest takeover offer, which would have valued the upscale chain at nearly $3 billion, according to people familiar with the situation. Neiman objected to the structure of the deal, and much of it was not in cash, some people said.

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