Macy's Soars as $5.8 Billion Buyout Bid Emerges
TL;DR Summary
Macy's shares surged nearly 20% after reports emerged that an investor group, including Arkhouse and Brigade Capital Management, submitted a $5.8 billion proposal to acquire the iconic department store chain and take it private. The offer represents a 32.4% premium over Macy's closing price on November 30. Macy's has struggled to adapt to the changing retail landscape, with increased competition from online marketplaces. The company's board of directors is reportedly considering the offer, which values the company at over $1 billion more than its current market cap.
- Macy's shares jump nearly 20% on reported $5.8B buyout bid to take retailer private New York Post
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- Macy's mulling $5.8 billion buyout offer: Source Yahoo Finance
- Macy's investors mount $5.8 billion buyout bid | Reuters Reuters
- Macy's got offered a $5.8 billion buyout Quartz
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