Neiman Marcus Spurns Latest Takeover Bid by Saks

Neiman Marcus Group LLC (Dallas) has rejected a $3 billion offer to be bought by Saks Fifth Avenue LLC (New York), The Wall Street Journal reports. The latest offer from Saks lacked a significant amount of cash, according to a source familiar with the deal.

This is the latest chapter of merger talks stretching back for more than a decade, with the two luxury retailers looking to team up to gain more clout with designer brands. Reports on the latest negotiations between the two retailers first surfaced in late August.

Neiman Marcus remains open to a deal under the right conditions, according to the WSJ.

Canada-based Hudson’s Bay Co. owns Saks, while Neiman Marcus is privately held.