Macy’s (NYSE:M) stock is on the move Monday after the retailer rejected a massive takeover offer from Arkhouse Management and Brigade Capital Management.
Macy’s Board of Directors gave its official response to the two investors following an unsolicited bid for them to take over the company. They were seeking to acquire M stock for $21 per share, which is a total value of $5.8 billion.
News of the buyout offer for M stock sent the company’s shares rising on Monday. That makes sense considering the $21 per share offer is a roughly 19.1% premium to the stock’s prior closing price.
Here’s Macy’s statement concerning the buyout offer:
“Following careful consideration and efforts to gather additional information from Arkhouse and Brigade, the Board determined that Arkhouse and Brigade’s proposal is not actionable and that it fails to provide compelling value to Macy’s, Inc. shareholders.”
What’s Next for M Stock?
A deal may still come around for Macy’s stock. The company even said that it was open to such offers in response to the recent buyout attempt. However, Macy’s notes that any offers must be in the best interests of the company and its shareholders.
M stock is up 3.4% as of Monday morning with more than 3.4 million shares changing hands. The company’s daily average trading volume is about 13.1 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
