M - Macy's In The Crosshairs: Investors Prepare For A Showdown Over $5.8B Bid | Benzinga
An investor group, which submitted a $5.8 billion bid for Macy's Inc. (NYSE: M), is considering a direct appeal to shareholders if negotiations with the department store giant do not progress.
As reported by The Wall Street Journal, Arkhouse Management and Brigade Capital Management proposed on December 1 to purchase all outstanding Macy's common stock they do not currently own at $21 per share.
Despite initial gains following the report, Macy's stock value has since declined, closing at $17.63 on Friday. This gives the company a market capitalization of $4.8 billion.
The investor group, holding a substantial position through Arkhouse-managed funds, has ...