Macy's Inc 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
See Also: Anthony Scaramucci Sees Brighter 2024 For Bitcoin
According to data from Benzinga Pro, Macy's has a 52-week high of $25.12 and a 52-week low of $10.54.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
