Macy's Faces Takeover Bids Amid Leadership Transition

Analysts suggest the $21 per share offer from Arkhouse Management and Brigade Capital Management undervalues the company's real estate assets.

Macy's Inc. has received a $21 per share takeover bid from Arkhouse Management and Brigade Capital Management, which has not yet been publicly responded to by Macy's management.
New York-based private equity fund Sycamore is also reportedly considering a bid for Macy's.
Current Macy's Chairman and CEO, Jeff Gennette, is set to retire on January 31, 2024, and will be succeeded by Tony Spring, who previously led Bloomingdale's.
Analysts suggest that the Arkhouse and Brigade offer undervalues Macy's, with the company's real estate alone estimated to be worth $8 to $9 billion.
Macy's owns nearly half of its 500 US stores, as well as retailer Bloomingdale's and cosmetics chain Bluemercury.