Macy’s Inc (NYSE:M) shares are trading lower by 2.3% to $18.61 during Wednesday’s session. Citigroup on Tuesday downgraded the stock from Neutral to Sell. Macy’s shares otherwise gained when an investor group proposed a $5.8 billion buyout of the company, boosting the stock on Monday.
What Macy’s Investors Need To Know
Per a WSJ report, an investor group, Arkhouse Management and Brigade Capital Management, plans to purchase Macy’s for $5.8 billion, intending to make the struggling department store chain a private entity. Their offer, submitted on Dec. 1, suggests buying Macy’s shares not currently owned for $21 each.
Macy’s has struggled against online competition, leading to a drastic drop in its market value from $70 per share in 2015 to $17.39 recently…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.
