11.12.2023 03:20:40

Investor Group Reportedly Offers To Buy Macy's For About $5.8 Bln

(RTTNews) - Real estate investment firm Arkhouse Management and Brigade Capital Management have offered to buy Macy's Inc. (M) for about $5.8 billion and take the department-store chain private, according to several media reports citing people familiar with the matter.

The offer reportedly values the retailer at $21 per share. Macy's closed Friday's regular trading at $17.39 up $0.40 or 2.35%.

The reports said the investor group believes Macy's is undervalued on the public market and would raise their offer, subject to due diligence.

In October 2023, Macy's said, beginning in 2024, up to 30 new Macy's small-format locations would open across the country.

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