Investor group launches $5.8 billion buyout bid for Macy’s- WSJ By Reuters
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© Reuters. FILE PHOTO: Shoppers look at clothes during Black Friday deals at Macy’s department store at the Roosevelt Field mall in Garden City, New York, U.S., November 24, 2023. REUTERS/Shannon Stapleton/File Photo
(Reuters) – An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 billion offer to take department store chain Macy’s (NYSE:) private, after stiff competition from online rivals took a big bite out of its value, the Wall Street Journal reported on Sunday.
Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy’s stock they don’t already own for $21 a share on Dec. 1, WSJ said, citing people familiar with the matter said.
The group already has a big stake in Macy’s through Arkhouse-managed funds and has discussed the proposal with the department store chain, whose board subsequently met to discuss the offer. It isn’t clear how the retailer views the proposal, the Journal reported.
Macy’s, Arkhouse and Brigade did not immediately respond to a Reuters request for comment on the report.
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© Reuters. FILE PHOTO: Shoppers look at clothes during Black Friday deals at Macy’s department store at the Roosevelt Field mall in Garden City, New York, U.S., November 24, 2023. REUTERS/Shannon Stapleton/File Photo
(Reuters) – An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 billion offer to take department store chain Macy’s (NYSE:) private, after stiff competition from online rivals took a big bite out of its value, the Wall Street Journal reported on Sunday.
Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy’s stock they don’t already own for $21 a share on Dec. 1, WSJ said, citing people familiar with the matter said.
The group already has a big stake in Macy’s through Arkhouse-managed funds and has discussed the proposal with the department store chain, whose board subsequently met to discuss the offer. It isn’t clear how the retailer views the proposal, the Journal reported.
Macy’s, Arkhouse and Brigade did not immediately respond to a Reuters request for comment on the report.
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