Stock News on Notable M&A Stock deals of the Day (SKS, LGF, CASY)

Shares of Saks Incorporated (NYSE:SKS) witnessing heavy buying on Tuesday after U.K based newspaper Daily Mail disclosed that a private equity consortium, comprised of U.S. and U.K player is targeting to make a bid for the company.

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Although the news is unconfirmed, According to the report, due diligence is almost complete and there could be a bid of $ $1.7 billion, or $11 a share soon and would be all in a cash deal.

Shares of Saks Incorporated soared 22% to $8.05 on heavy volume of 18.27 million shares – 6X its average volume.

Saks Incorporated is a fashion retail organization offering a range of distinctive luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts. The Company’s operations consist of Saks Fifth Avenue (SFA), Saks Fifth Avenue OFF 5TH (OFF 5th) and SFA’s e-commerce operations.

Lions Gate Entertainment Corp. (USA) (NYSE:LGF) shares are also climbing by over 13% to $7.34 after creating a new 52-week high of $7.40.

Today, CNBC reported that Carl Icahn, billionaire investor, raised his offer for the company to $7.50 per share from $6.50 per share. The new offer expires on Oct. 22, the report noted.

Lions Gate Entertainment Corp. (Lionsgate) is the studio with a diversified presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content.

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Casey's General Stores, Inc. (NASDAQ:CASY) is up 0.24% to $37.99 after it comments on tender offer extension from Alimentation Couche-Tard Inc. The offer is to purchase Casey's at $36.75 per common share.

From the release: “Given that Casey’s is already creating more value than is reflected in the Couche-Tard offer and will deliver significant additional upside through execution of our business plan and strategic growth initiatives, we are not surprised that so few shares have tendered into Couche-Tard's inadequate, highly conditional $36.75 per share offer.”

Casey’s General Stores, Inc. (Casey’s) operates convenience stores under the name Casey’s General Store, HandiMart and Just Diesel in nine Midwestern states, primarily Iowa, Missouri and Illinois.

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