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Macy’s Gets $5.8 Billion Buyout Offer

Reported deal to take retailer private values it at $21 a share.

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Macy’s Gets $5.8 Billion Buyout Offer
Buyout on 34th Street? Investors have offered to buy Macy’s stores, including its famed New York flagship. PHOTO: Alexandre Fagundes/iStock.com

An investor group, consisting of Arkhouse Management and Brigade Capital Management, has offered to buy Macy’s Inc. (New York) for $5.8 billion, according to people familiar with the matter, CNBC reports. The offer values the retailer at $21 per share, a premium over its most recent close (Dec. 8) at just over $17 per share.

As of this posting, none of the partners involved in the potential deal has commented on the record. The story was first reported by The Wall Street Journal.

Arkhouse primarily targets real estate investment, while Brigade Capital is an asset management firm. The two would be willing to raise their bid based on due diligence, the sources said.

Macy’s has made several efforts to draw customers back to its brick-and-mortar outlets. In October, it announced plans for 30 new smaller-format store locations at strip malls as it tried to pivot away from the traditional shopping mall. Despite the turnaround efforts, Macy’s sales have declined 7 percent yearly, the retailer said in its most recent quarterly earnings report.

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