Click the chart for more data on Saks shares.
NEW YORK (CNNMoney.com) -- Shares of luxury retailer Saks surged Tuesday after a British newspaper said the company could soon get a buyout offer of $1.7 billion.
The Daily Mail, citing "rumours emanating from Manhattan," said American and British private equity firms are preparing to offer Saks $11 per share in cash. That's 67% above Saks' closing price of $6.60 a share on Monday.
Saks (SKS) shares surged 19.7% to end the day at $7.90. The stock rose to a high of $8.85 earlier in the session.
The Mail said due diligence on the deal is nearly complete, but billionaires Carlos Slim and Diego Della Valle -- who hold significant stakes in the company -- may want more for their shares.
Saks Inc. owns Saks Fifth Avenue, the famed luxury store chain. Upscale retailers have taken a huge hit during the recession, but Saks has tried to juggle its luxury reputation with deep discounts aimed at clearing merchandise.
That attempt has appeared to help Saks' bottom line. Although Citigroup cut its forecasts and price targets in July for Saks and other retailers, the company recently posted better-than-expected quarterly results.
Saks was founded in 1919 and its headquarters are in New York City. 
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