Macy's Stock Soars on Reported Increased Takeover Offer [Yahoo! Finance]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: Yahoo! Finance
The Wall Street Journal reported the new bid is for $24.80 per share, up from the initial offer of $21 in December and $24 made in March. The report sent shares of Macy's soaring roughly 11% in intraday trading Friday. Shares of Macy's ( M ) soared in intraday trading Friday on indications activist investor Arkhouse Management and partner Brigade Capital Management have again sweetened their offer for the biggest U.S. department store chain. The Wall Street Journal reported Wednesday evening that the firms raised their bid for Macy's by about $300 million to $6.9 billion. The $24.80 per share for the stock Arkhouse and Brigade don't already own would be a 38.3% premium to Macy's closing price Wednesday. This Would Mark Duo's Third Offer for Macy's Since December The two companies initially presented Macy's with a $21-per-share deal in December, which the board rejected. That led Arkhouse and Brigade to launch a proxy fight that ended when Macy's approved two board members b
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