BUSINESS

Macy’s Shares Surge On Hopes For $5.8B Buyout

Shares of U.S/ department store Macy’s have surged on hopes of a $5.8 billion buyout deal.

An investor group has offered to pay $21 for each share of the retailer that they do not already own.

Macy’s, founded 165 years ago, is famous for hosting the New York City Thanksgiving Day parade.

The company, parent of Bloomingdale’s and makeup firm Bluemercury, operates more than 720 stores in the U.S.

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Peter Peterkin, Readers Bureau, Contributor

 Edited by Jesus Chan

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