Shares of U.S. retail chain Macy’s soared more than 21% on Monday following news that the retailer may be facing a buyout.
According to reports, real-estate investment firm Arkhouse Management and global asset manager Brigade Capital Management are bringing the potential $5.8 billion buyout to the table Friday.
The deal would purportedly offer shareholders 32% premium on Macy’s closing price Friday.
“Where Arkhouse likely sees value is in Macy’s real estate,” GlobalData analyst Neil Saunders told CNN. “An investor group that sells off real estate and perhaps takes other actions such as spinning off the ecommerce business, would certainly make some short-term gains.”
