Macy’s Inc (NYSE:M) shares are trading lower by 3.7% to $20.00 Tuesday morning after Citigroup downgraded the stock from Neutral to Sell. The stock otherwise surged Monday following a report suggesting an investor group made a $5.8 billion buyout offer for the company.
What Macy’s Investors Need To Know
Per a WSJ report, an investor group aims to buy Macy’s for $5.8 billion, aiming to take the struggling department store chain private. The offer from Arkhouse Management and Brigade Capital Management, submitted on Dec. 1, proposes acquiring Macy’s shares not already owned for $21 each—a 32% increase from the recent stock price.
Macy’s has faced intense competition from online retailers, causing its market value to decline significantly from $70 per share in 2015 to $17.39 as of the recent market close…Read More
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According to data from Benzinga Pro, Macy’s has a 52-week high of $25.12 and a 52-week low of $10.54.
