Why Macy's Stock Is Having a Parade Today
Three months ago, Macy's (NYSE: M) shares flew higher in response to a buyout offer for $21 per share (or $5.8 billion) from private equity firms Arkhouse Management and asset manager Brigade Capital Management. Over the weekend, these would-be buyers raised their bid for Macy's to $24 a share ($6.6 billion) -- and Macy's stock is going up again -- 15.6% through 10:35 a.m. ET.
Macy's informed investors of the new and improved proposal Sunday evening. Although companies aren't often enthusiastic about hostile takeovers, management said that its board of directors "is open-minded" about this one and "will carefully review and evaluate the latest proposal" before deciding whether to endorse it.
But that's it. Management didn't say which way they are leaning and does "not intend to comment further on [this] unsolicited non-binding proposal until the Board has completed its review."
Source Fool.com
