Macy's Buyout: Investors Reportedly Considering USD 5.8 Billion Bid

macy's buyout: investors reportedly considering usd 5.8 billion bid

macy’s buyout: usd 5.8 billion bid launched by arkhouse management and brigade capital management

Macy’s investors are considering a $5.8 billion buyout offer from Arkhouse Management and Brigade Capital Management, CNBC and the Wall Street Journal reported Sunday citing people familiar with the matter. The Department store company is based in New York City and is run by CEO Jeffrey Gennette, who said he will retire next year.

According to the reports, the offer values Macy’s at $21 per share. The retailer closed at just over $17 a share on Friday, down 17% since the start of the year. CNBC added that the investor group is willing to offer a higher bid based on due diligence.

Arkhouse Management is a real-estate focused investing firm. Brigade Capital Management, on the other hand, is a global asset manager.

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Macy’s is not the first department store considering a takeover bid. Kohl’s received multiple buyout offers in 2022. It said the offers undervalued its business.

Neither Arkhouse and Brigade nor Macy’s have issued formal statements about the Sunday reports yet. The retailer beat expectations on quarterly profit on lower inventories and demand for beauty products in November. Macy’s has a market capitalization of about $4.77 billion and its shares are down nearly 15.79% this year, news agency Reuters reported.

It’s unclear whether Arkhouse and Brigade have the resources to acquire Macy’s at $5.8 billion. Arkhouse led a group of investors for a $2.4 billion buyout two years ago for a real estate investment trust Columbia Property (NYSE:CXP) Trust. However, it was unsuccessful. Pimco subsequently acquired Columbia Property for $3.9 billion.

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