An investor group is searching for to purchase Macy’s Inc. for almost $6 billion and take the department-store chain non-public, the Wall Street Journal reported Sunday,
According to the Journal, Arkhouse Management and Brigade Capital Management have submitted a $5.8 billion bid to amass the Macy’s inventory they don’t already personal for $21 a share, a 32% premium over Friday’s closing worth of $17.39.
The buyers consider Macy’s
M,
is undervalued and have already mentioned their provide with Macy’s board, the Journal reported.
Macy’s and Arkhouse declined to remark Sunday. Brigade didn’t instantly reply to requests for remark.
In November, Macy’s reported a shock third-quarter revenue and beefed up its outlook, as margins improved and stock fell.
Macy’s shares have surged greater than 50% previously month, however are nonetheless down about 16% yr to this point. The inventory peaked at about $70 a share in 2015.
Source web site: www.marketwatch.com
