M - Investor Group Pitches $5.8 Billion Acquisition Proposal For Macy's | Benzinga
An investor consortium has tabled a $5.8 billion bid to acquire Macy's Inc. (NYSE: M), in an attempt to privatize the iconic department store chain. This comes as Macy's grapples with mounting competition from digital retailers, which has significantly eroded its market value.
As per The Wall Street Journal, Arkhouse Management, a real estate-oriented investment firm, and Brigade Capital Management, a global asset manager, submitted a proposal on Dec. 1 to buy the Macy's shares they don't currently possess for $21 per share.
This proposed price signifies a roughly 32% premium to where shares settled the day prior ...