Investor group launches $5.8 billion buyout bid for Macy's- WSJ

An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 billion offer to take department store chain Macy's private, after stiff competition from online rivals took a big bite out of its value, the Wall Street Journal reported on Sunday. Macy's, Arkhouse and Brigade did not immediately respond to a Reuters request for comment on the report.

An investor group consisting of Arkhouse Management and Brigade Capital has made a $5.8 billion offer to take department store chain Macy's private, after stiff competition from online rivals took a big bite out of its value, the Wall Street Journal reported on Sunday. Arkhouse Management, a real-estate focused investing firm, and Brigade Capital Management, a global asset manager, submitted a proposal to acquire the Macy's stock they don't already own for $21 a share on Dec. 1, WSJ said, citing people familiar with the matter said.

The group already has a big stake in Macy's through Arkhouse-managed funds and has discussed the proposal with the department store chain, whose board subsequently met to discuss the offer. It isn't clear how the retailer views the proposal, the Journal reported. Macy's, Arkhouse and Brigade did not immediately respond to a Reuters request for comment on the report.

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