Takeover bid: Macy’s stock shot up more than 18%
Shares in Macy’s soared after investors made a £4.6billion bid for the company.
On a bumper session on Wall Street, the department store’s stock shot up more than 20 per cent following reports that Arkhouse Management and Brigade Capital have offered to take the group private.
The investors already have a stake in Macy’s – which has 700 sites including the more expensive Bloomingdale’s department store brand – and lodged their bid for the shares they do not already own at the start of the month.
David Swartz, analyst at financial services group Morningstar, said: ‘The buyout group is undoubtedly interested in Macy’s large real estate portfolio, which has attracted activists and potential buyers in the past.’
Arkhouse and Brigade believe Macy’s is undervalued in the public markets and have indicated a willingness to raise the offer subject to due diligence, according to the Wall Street Journal.
A deal would see one of the most famous names in US retail disappear from the stock market.
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