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: Investor group aims to buy Macy’s for nearly $6 billion, take it private: report

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An investor group is seeking to buy Macy’s Inc. for nearly $6 billion and take the department-store chain private, the Wall Street Journal reported Sunday,

According to the Journal, Arkhouse Management and Brigade Capital Management have submitted a $5.8 billion bid to acquire the Macy’s stock they don’t already own for $21 a share, a 32% premium over Friday’s closing price of $17.39.

The investors believe Macy’s
M,
+2.35%

is undervalued and have already discussed their offer with Macy’s board, the Journal reported.

Arkhouse declined to comment Sunday. Brigade and Macy’s did not immediately respond to requests for comment.

In November, Macy’s reported a surprise third-quarter profit and beefed up its outlook, as margins improved and inventory fell.

Macy’s shares have surged more than 50% in the past month, but are still down about 16% year to date. The stock peaked at about $70 a share in 2015.

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