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Macy’s Bonds Jump Higher on Buyout Offer Being Raised to $6.9bn
July 4, 2024
The buyout offer for Macy’s was further upsized, to $6.9bn by Arkhouse and Brigade Capital, as per a WSJ report. The new proposal by the two companies is to acquire Macy’s stock that they do not currently own for $24.8/share, from $24/share offered in March. This adds to the buyout bid proposed by the two companies from the earlier $5.8bn in March, to $6.6bn. The department store company recently ended a long proxy contest with Arkhouse in April, having added two activist investor’s nominees.
Macy’s bonds were trading higher, with its 6.7% 2034s up 1.9 points to 89.7, yielding 8.23%.
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