1.
U.S. markets recover from steep losses
NEW YORK, July 18 (UPI) -- U.S. private-equity firm Kohlberg Kravis & Roberts Co. is readying a $24 billion bid for Macy's Inc., a published report said Wednesday.
Kohlberg and Goldman Sachs Group's private-equity arm could make a bid by Monday, Women's Wear Daily reported.
The $52-a-share bid, which the newspaper said may or may not exclude Macy's debt, would represent a 30 percent premium over the stock's $40.03 closing price Tuesday, before the report was published.
The stock closed at $43.09, up $3.06, or 7.64 percent, Wednesday.
Macy's and Kohlberg spokesmen declined to comment on the report.
The newspaper said Kohlberg would want to keep Macy's management, including Chairman and Chief Executive Officer Terry Lundgren, who engineered Federated Department Stores Inc.'s purchase of May Department Store Co. in 2005. Federated changed its name to Macy's, after its flagship store, in June.
Sales at Macy's stores opened at least a year, fell 2.7 per cent in June, the company reported last week. The company also said earnings for the second quarter would be much lower than the year-ago period.
Macy's is headquartered in Cincinnati and operates almost 900 stores in the United States.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
