Macy's back on bidding block




According to US media reports, Arkhouse Management and Brigade Capital have recently submitted a proposal to acquire the chain for $21 per share, compared to Friday's closing price of $17.39.

This represents a more than 2% increase for the day and a 1.8% increase for the week, valuing Macy's at $4.77 billion.

The Wall Street Journal suggests that the $21 per share offer values the retailer at $5.8 billion.

While this price is 32% above Friday's closing price, it remains well below the stock's $70 high in 2015. The bid was made on December 1, and Macy's board and management remained silent on the issue throughout the past week.


Name Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.