Macy's has received a $5.8 billion buyout offer from real estate investor Arkhouse Management and asset manager Brigade Capital Management.
The two firms already have a large position in Macy's through Arkhouse-managed funds, according to the WSJ. Macy's board met to discuss the proposal but it is unclear how the vaunted department store brand views the offer, the close sources say. Meanwhile, the investment group believes M stock is currently undervalued in public markets and indicated it may be willing to raise its offer following necessary due diligence.
M
has been on an upward trend since November, gaining over 48.51% in the last 50 days.
Macy's shares rallied 19.5% Monday and premarket trading today following the reports of the Buyout.
Investors are still evaluating
M
price, but the stock still has some upward momentum. This is a positive sign for the stock's future value.
The two firms already have a large position in Macy's through Arkhouse-managed funds, according to the WSJ. Macy's board met to discuss the proposal but it is unclear how the vaunted department store brand views the offer, the close sources say. Meanwhile, the investment group believes M stock is currently undervalued in public markets and indicated it may be willing to raise its offer following necessary due diligence.
M
has been on an upward trend since November, gaining over 48.51% in the last 50 days. Macy's shares rallied 19.5% Monday and premarket trading today following the reports of the Buyout.
Investors are still evaluating
M
price, but the stock still has some upward momentum. This is a positive sign for the stock's future value.
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