A group of shareholders of Saks Fifth AvenueB次元官网网址檚 parent is making an offer to take the struggling department store chain private.

The offer, announced Monday, is being led by HudsonB次元官网网址檚 Bay Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors, Hanover Investment SA and Abrams Capital Management. The proposal values the company at 9.45 Canadian dollars ($7.12) per share in cash. ThatB次元官网网址檚 a 48% premium to the companyB次元官网网址檚 closing share price on the Toronto Stock Exchange on Friday.

The group of shareholders together own 57% of the Canadian company.

The offer is conditioned in part on the $1.5 billion sale announced Monday of HudsonB次元官网网址檚 remaining half of its interest in its European business.

Like many department stores, HudsonB次元官网网址檚 Bay has struggled to adapt to a changing retail landscape.

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Anne DB次元官网网址橧nnocenzio, The Associated Press

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