Macy's investors mount $5.8 billion buyout bid
Arkhouse Management and Brigade Capital, an investor group, have made a $5.8 billion offer to take department store chain Macy's private. The offer, a 20.76% premium from its closing on Friday, was submitted on December 1. Macy's shares rose nearly 16% on Monday. The investor group already has a big stake in Macy's and has discussed the proposal with the department store chain. It is unclear how Macy's views the offer. J P Morgan analysts estimate Macy's total real estate value at about $8.5 billion, or $31 per share, including the iconic Herald Square property worth about $3 billion.
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