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Einhorn Buys Macy's Stake Saying It Could Be a Takeover Target

Private equity firm and REIT could buy it, he says in letter
Firm also discloses new stakes in E.ON, drugmaker Mylan

Bloomberg business news — David Einhorn's Big Bet on Macy's

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January 19, 2016, 7:54 PM UTC

Greenlight Capital, the hedge fund firm led by David Einhorn, made a new investment in Macy’s Inc. in the fourth quarter, arguing the retailer could become a takeover target, according to a letter to investors that was obtained by Bloomberg.

A private equity firm and a real estate investment trust could team up to purchase the company and "unlock the value" of its land and buildings, Greenlight said in the letter, which was dated Tuesday. Shares of Macy’s jumped as much as 5.6 percent on the news.