Macy's Rises In Pre-market After Arkhouse And Brigade Capital Raise Offer Price To Acquire Co.

(RTTNews) - Shares of department store chain Macy's, Inc. (M) were rising more than 7 percent in pre-market on Friday to $19.35, after the Wall Street Journal reported that Arkhouse and Brigade Capital who wish to acquire the company increased their bid price.

Arkhouse and Brigade Capital currently proposes to acquire Macy's stock that they already do to not own for $24.80 per share, up from $24 per share offered in March, the report said citing people familiar with the matter.

Macy's shares had closed at $17.93, up 0.62 percent on Wednesday. The stock has traded in the range of $10.54 - $22.10 in the last 1 year.