Macy's Rises On News Of Buyout Offer

(RTTNews) - Shares of department store chain Macy's, Inc. (M) are rising more than 18% Monday morning on the news of a buyout proposal from a group of private investors for about $5.8 billion.

As per report by The Wall Street Journal, real-estate focused investing firm Arkhouse Management and global asset manager Brigade Capital Management have submitted a proposal on December 1 to acquire the company for $21 per share, a 32.4% premium to the company's closing price on Nov. 30.

Macy's shares, currently at $20.68, has traded in the range of $10.54 - $25.12 in the last 1 year.