Macy’s, one of America’s most famous department stores, is the target of a $5.8bn offer to take the chain private.
The group has received an offer this month from two existing investors – Arkhouse Management, an investment firm focused on property, and Brigade Capital Management, a global asset manager.
Under the plan, the duo will acquire stock in the retailer that they do not already own for $21 a share.
The buyout group is interested in Macy’s large real estate portfolio, which has attracted activists and potential buyers in the past.
JP Morgan analysts estimate that Macy’s total property value is about $8.5bn, or $31 per share, including the shop’s famous Herald Square building in New York, which is estimated to be worth about $3bn.
