Macy's investors mount $5.8 billion buyout bid

Credit: IndiaTimes- Published on December 11, 2023
Arkhouse Management and Brigade Capital, an investor group, have made a $5.8 billion offer to take department store chain Macy's private. The offer, a 20.76% premium from its closing on Friday, was submitted on December 1. Macy's shares rose nearly 16% on Monday. The investor group already has a big stake in Macy's and has...

Video credit: Wibbitz Top Stories
Published on December 11, 2023 -  01:30
Macy’s Shares Rise After Reportedly Receiving $5.8 Billion Buyout Offer
Macy’s Shares Rise After , Reportedly Receiving $5.8 Billion Buyout Offer. According to a person with knowledge of the situation, an investor group has offered $5.8 billion to take Macy's private, Reuters reports. . The group reportedly consists of Arkhouse Management and Brigade Capital. They want to buy any Macy's stock that they don't already have for $21 per share, sources say. That represents a 20.76% premium from the stock's closing price of $17.39 on Dec. 8, Reuters reports. . The buyout group is undoubtedly interested in Macy's large real estate portfolio, which has attracted activists and potential buyers in the past, Morningstar analyst David Swartz, via 'The Hill'. Upon news of the buyout offer, Macy's shares were up 16% on Dec. 11, trading at $20.13. The company's total real estate value is estimated to be $8.5 billion, according to J.P. Morgan analysts. That comes to $31 per share, which is less than the investor group's offer of $21 per share. However, Arkhouse and Brigade said that they are willing to "raise the offer subject to due diligence," Reuters repots. . An investment bank has reportedly provided a letter of support indicating its belief that the group can secure financing for the deal

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