Big Law

Macy’s Shares Surge 21% After Receiving a $5.8 Billion Buyout Offer

Arkhouse Management and Brigade Capital Management have offered to buy Macy’s for $5.8 billion, people familiar with the matter told CNBC on Sunday.

The offer values the retailer at $21 per share, according to the sources. Macy’s closed at just over $17 a share on Friday, down roughly 17% since the start of the year. The company’s shares closed nearly 20% higher on Monday.

Arkhouse, a firm that primarily targets real estate investment, and Brigade Capital, an asset management firm, would be willing to offer a higher bid based on due diligence, the sources said. The group would already be paying a premium for the department store, which has struggled to keep up with online competitors.

Read the source article at CNBC

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