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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

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.