Macy’s rejects $5.8 billion takeover offer

  • 8 months ago
TheStreet’s J.D. Durkin brings you the biggest news of the day, including a record day for the Dow and S&P, plus why Macy’s rejected a $5.8 billion takeover bid.

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Transcript
00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks are in the green to close out today's session here on Wall Street.
00:06 The Dow closed up 138 points, the tech-heavy Nasdaq up 0.3%, while the S&P 500 closed 0.2%
00:14 higher.
00:15 Both the Dow and the S&P hitting all-time highs again during intraday trading.
00:21 Investors will be paying close attention to a whole ton of economic data and corporate
00:25 earnings reports due out this week.
00:27 Wall Street will be looking for any hints into the Federal Reserve's upcoming moves
00:30 with regards to interest rates.
00:32 As of now, markets are pricing in a 50% chance of an interest rate cut in March.
00:38 In other news, struggling retailer Macy's turned down an offer that would have taken
00:41 the company private.
00:43 In December, Arkhouse Management and Brigade Capital Management offered to buy the company
00:47 for $5.8 billion, but the major retailer rejected the deal, saying it lacks compelling value.
00:54 However, Macy's CEO Jeff Gannett did not exactly close the door on a possible sale,
00:59 saying the company will continue to be "open to opportunities that are in the best interests
01:03 of the company and all of our shareholders."
01:07 Arkhouse for its part is not exactly dismissing the idea of making a deal with Macy's, saying
01:12 it sees potential for a new offer if it is able to look further into the retailer's books.
01:18 Macy's, which has been in operation since 1858, has seen its stock plunge by more than
01:23 70% from a tie of $73 a share in 2015.
01:27 Since then, the company has had to close roughly 300 stores, nearly one-third of its total
01:32 locations.
01:34 And just last week, it announced it was laying off more than 2,000 employees.
01:38 The company now operates around 500 Macy's locations, as well as about 150 Blue Mercury
01:43 stores and 55 Bloomingdales as well.
01:47 That'll do it for your daily briefing.
01:48 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:51 Thanks for watching.
01:51 [end]
01:52 [BLANK_AUDIO]

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