Business

Macy’s shares surge 15% after it receives $5.8 billion buyout offer

Products You May Like

In this article

People wait in line outside Macy’s before opening on “Black Friday” in New York City on November 24, 2023. The retail sector’s efforts to entice holiday gift purchases builds to a crescendo this weekend with the annual “Black Friday” shopping day followed by the newer “Cyber Monday.” (Photo by Yuki IWAMURA / AFP) (Photo by YUKI IWAMURA/AFP via Getty Images)
Yuki Iwamura | Afp | Getty Images

Arkhouse Management and Brigade Capital Management have offered to buy Macy’s for $5.8 billion, people familiar with the matter told CNBC on Sunday.

The offer values the retailer at $21 per share, according to the sources. Macy’s closed at just over $17 a share on Friday.

Arkhouse and Macy’s declined to comment. Brigade did not immediately respond to CNBC’s request for comment.

The Wall Street Journal first reported the buyout offer.

This is breaking news. Please check back for updates.

Products You May Like

Articles You May Like

Fed’s Kashkari says Trump tariffs could reheat inflation if they provoke global trade ‘tit for tat’
China expected to announce highly anticipated fiscal stimulus package
DoubleLine’s Gundlach says expect higher rates if Republicans also win the House
Affirm beats on top and bottom lines
Credit card debt among retirees jumps — ‘It’s alarming,’ researcher says

Leave a Reply

Your email address will not be published. Required fields are marked *