Real estate investor Arkhouse Management and asset management firm Brigade Capital Management have made a $5.8 billion acquisition offer to Macy’s.
Macy’s, Inc. owns the department store chains Bloomingdale’s and Macy’s and the beauty store chain Bluemercury.
News of the offer was initially published earlier on Sunday by The Wall Street Journal.
The offer price is 32.4% more than Macy’s Nov. 30 closing price.
On Monday, shares increased 19% to settle at $20.78.
The offer was allegedly made on December 1 and values Macy’s at roughly $21 per share. The board of the corporation is considering the offer.
The sources state that the store is valued at $21 per share in the deal. With Friday’s closing price of just over $17 per share, Macy’s has lost almost 17% of its value since the year began. On Monday, the company’s stock ended about 20% higher.
Brigade Capital, an asset management company, and Arkhouse, which focuses mostly on real estate investment, would be prepared to make a bigger offer after conducting due diligence. Already paying more than others, the group would be supporting a department store that has had difficulty competing with internet retailers.
One of the most recognizable department stores in the country, Macy’s, was founded in 1858 by Rowland Hussey Macy, and it has a lengthy history. Originally called “R.H. Macy & Co.,” the first store opened in New York City at the intersection of 14th Street and 6th Avenue.
Macy’s acquired popularity quickly due to its dedication to providing a large selection of high-quality items at reasonable rates, drawing in a varied clientele. After relocating to its present main site on 34th Street, also referred to as Herald Square, in 1867, Macy’s carried on growing its product line.
The business flourished and became a symbol of American retail success under the direction of Jesse Macy, the son of Rowland Macy, and then Isidor and Nathan Straus.
In February 2024, Macy’s will see longtime executive Tony Spring take over as CEO from the retiring Jeff Gennette to continue the legacy.
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