December 11, 2023 – 7:33 AM PST
(Reuters) – An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 billion offer to take department store chain Macy’s (M.N) private, according to a person familiar with the matter on Sunday.
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Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy’s stock they don’t already own for $21 a share on Dec. 1, the person said. The Wall Street Journal reported the offer earlier on Sunday afternoon.
The offer for the Bloomingdale’s parent is a 20.76% premium from its closing at $17.39 on Friday.
Macy’s shares were trading at $20.13, or up nearly 16% on Monday. Fellow department store operators Kohl’s (KSS.N) and Nordstrom (JWN.N) also rose about 6%.
The investor group…
