By Colin Kellaher
Macy’s shares rose more than 15% in premarket trading Monday after an investor boosted its bid for the department-store chain by nearly $1 billion to $6.6 billion.
Investment firm Arkhouse Management and asset manager Brigade Capital Management upped their Macy’s buyout proposal to $24 a share from $21 a share.
Macy’s said its board would review the new bid, which represents a 33% premium to Friday’s closing price of $18.01 for the New York company.
Macy’s shares were recently up more than 15% to $20.80 in premarket trading.
Write to Colin Kellaher at [email protected]
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