Macy's Shares Rise 10% After Bidder Sweetens Takeover Offer
Dow Jones2024-07-05
Macy's shares rose on Friday in morning trading after an investor group raised its takeover bid by about $300 million.
Shares were up 10% at $19.73.
The department-store chain received a new proposal from Arkhouse Management and Brigade Capital Management to acquire Macy's stock they don't already own for $24.80 a share, or roughly $6.9 billion.
This compares with the previous improved offer of $24 a share in March, or about $6.6 billion, and the initial offer $21-a-share proposal that Arkhouse and Brigade submitted on Dec. 1.
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