Macy's shares surge 15% after it receives $5.8 billion buyout offer
Publishing timestamp: 2023-12-11 11:38:16
Summary
Arkhouse Management and Brigade Capital Management have offered to buy Macy's Inc. for $5.8 billion, valuing the retailer at $21 per share. Macy's has been struggling to keep up with online competitors, and its sales have slumped over the past year. The potential buyers are willing to offer a higher bid based on due diligence. Macy's has made efforts to attract customers back to its brick-and-mortar stores, but its sales have continued to decline. The retail industry as a whole has faced challenges due to volatile interest rates and high inflation.
Sentiment: NEUTRAL
Keywords: real estate, retail industry, kohls corp drn, macy's inc, mergers and acquisitions, business news, breaking news: business, business,
Source: https://www.cnbc.com/2023/12/11/macys-receives-5point8-billion-buyout-offer-sources-say.html