Macy’s Is Said to Get $5.8 Billion Offer From Investor Group
- Offer is 21% premium to Macy’s closing share price on Friday
- Comes as CEO Gennette prepares to hand over reins to Spring
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Macy’s Inc. received a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management, a wager that the venerable retailer can execute its turnaround better as a private firm.
The investors offered $21 a share for the department store operator, people with knowledge of the matter said, asking not to be identified discussing confidential information. Macy’s stock rose as much as 16% in Monday trading in New York, the most in more than a year. The stock dropped 16% for the year through Friday’s close, while the S&P 400 Midcap Index gained 8.3% for the period.