As expected and as I said from day 1 this was not a legitimate offer. Fire sale offer rejected.
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Sycamore will sell off the Bluemercury brand and Bloomingdale’s brand for sure. Macy’s will be gutted for sure and only the best stores will remain in the major markets.
If Sycamore really wants Macy's they'll get it. It's just a matter of time.
Here comes Sycamore! https://www.investing.com/news/stock-market-news/privateequity-firm-sycamore-partners-mulling-macys-takeover-bid--new-york-post-3283231
They own Belk, among other brands.
Shaddy, $5.8B and you say it’s not worth that much? That offer is at least $3.5B off what true value is. An investment group hoped a low ball offer would fly and it didn’t. Had it not been Holiday and with the reorganization going on it would have rejected 2 weeks ago. So let them, go ahead and try a hostile take over and go directly to share holders. The stock goes way up and the price cuts too much into the profit. Unlocking this real estate will take a long time, cost a lot too do and any stock holder that has any clue of what is going on will hold at anything under $35 a share if not more.
As for the comparison that this is “Sears all over again” it’s apples and oranges at the very best. Sears was on the edge of bankruptcy for years and not able to invest anything other than what they had. M is nowhere near bankruptcy, the stock is still paying a dividend which attracts investors and if you don’t comprehend that then you are only here for stirring up BS.
They want the real estate. The retail stores are secondary. Sears all over again.
Macys just rejected a $5.8 BILLION deal…what’s up it’s not worth that much. Still opening smaller stores in malls, but yet their laying off employees
They’ll sell at $29-30.
I don't think it is over either. The $21 offer was about a $0.50 on the dollar offer. An offer of about double that would be interesting but at that price the profit is gone and not worth the investors headaches. Unlocking the real estate in this deal would not be an easy undertaking.
Rejected-expected, but expect this is not over…….