Macy’s receives buyout offer
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 11 December 2023
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Monday, December 11th. I'm Julie Morgan. |
| 0:12.0 | Macy's gets a buyout offer. December 11th, I'm Julie Morgan. |
| 0:12.6 | Macy's gets a buyout offer. |
| 0:14.8 | Cigna and Humana are no longer looking to become one, |
| 0:18.7 | and Dor Dash is moving on up. |
| 0:21.9 | A private equity group has made a 5.8 billion dollar offer to take Macy's private. |
| 0:27.5 | The offer from Ark House Management and Brigade Capital Management values the longtime department store chain at $21 per share. |
| 0:36.3 | The two firms already own some Macy's stock. |
| 0:39.5 | Given Macy's closing price of $17.39 on Friday, the offer is a 21% premium to that close. |
| 0:47.6 | The Wall Street Journal first reported this story on Sunday. |
| 0:51.2 | The newspaper said that the offer was made on December 1st and the company's board has met to discuss it |
| 0:56.9 | though there is no word on how the board is leaning. Archouse and Brigade Capital believe Macy's is undervalued and are prepared to raise their offers subject to due diligence. |
| 1:07.0 | They also have the support of an investment bank who has provided a letter on their ability to raise capital to complete the deal. |
| 1:14.4 | Year-to-date Macy's is down about 14 percent. In its Q3 financial results released in |
| 1:21.2 | November, the company beat on the top and bottom lines and also boosted |
| 1:25.3 | its sales and EPS guidance for fiscal 2023. |
| 1:29.8 | But even though it was a beat, revenue declined about 7% compared to the prior year period. |
| 1:35.8 | Pre-market Macy's is up more than 19%. |
| 1:40.4 | Cigna and Humana have reportedly scrapped plans to merge after being unable to agree on financial terms including price. |
| 1:49.0 | Cigna will instead conduct a major stock buyback according to the Wall Street Journal. |
| 1:54.6 | Investors failed to embrace the idea of a merger with Cigna shares dropping 8% following news of |
... |
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