Macy's reportedly receives $5.8 billion buyout offer
The big picture: The department store operator has been an occasional target of activist investors, who have pressured Macy's to monetize its real estate.
- Macy's operates over 500 stores in the U.S.
Details: The investment firms reportedly submitted a $21 per share proposal on Dec. 1, which represents around a 32% premium to Macy's stock the prior day.
- It's also nearly a 21% premium to where Macy's shares closed this past Friday, as the stock is down 13.6% so far this year.
- Macy's and Arkhouse declined to comment, while Brigade did not immediately respond to Axios' request for comment.
Reality check: Macy's had a strong third quarter relative to its past performance, but the department store category remains deeply troubled.
The bottom line: Retail M&A is beginning to show some life after a muted 2023.