HBC reportedly makes takeover approach to Macy's; shares rise
Canada's Hudson's Bay Co. has approached Macy's Inc. about a takeover, people familiar with the matter said, as the biggest USA department-store chain grapples with disappointing results and restive shareholders.
Macy's shares were up 6.45% to $32.70 in mid-day trading.
The report also states that the two companies are exploring additionally ways to cooperate outside of a merger, including Hudson's taking on some of Macy's real estate portfolio. At Hudson's Bay, a sprawling business that includes Saks Fifth Avenue and Lord & Taylor, things weren't quite as grim, but holiday results still suggested that the company is still facing some challenges in connecting with shoppers. The department store world has been pummeled by a host of major changes in shopping patterns: Much of our spending is moving online, and these businesses have struggled to grab market share in that arena.
The Associated Press says, "The reported talks come as Macy's faces pressure to turn its business around after struggling with a string of quarters of sluggish sales and stiffer competition".
Hudson's Bay Company is among the list of companies that Macy's Inc may be interested in selling itself to. Right now, the company has an enterprise value of around $16.0 billion.
Outgoing Macy's CEO Terry Lundgren is retiring from the top spot this year but will stay on as chairman.
Macy's, which also owns the upscale Bloomingdale's chain, has a market value of $10 billion, which would make it a big bite for HBC, whose market value is just under $2 billion. It was then when the Canadian retailer acquired Saks Fifth Avenue for $2.9 billion.
Hudson's Bay is quite a bit smaller than Macy's on some key measures.
That same year, the company formed two real estate joint ventures, US -based Simon Property Group Inc and Canada's RioCan Real Estate Investment Trust.
With a 4.9% dividend yield, Macy's Inc (NYSE:M) stock has some quite attractive dividends.
Activist investor Starboard Value held around 1 percent of Macy's stock as of September 30 past year, making it the company's 15th largest shareholder.
A takeover of Macy's may placate activist investor Starboard Value LP, which has been pushing the retailer to wring more money from its real estate portfolio and consider forming a REIT.
According to The Hill , Murkowski spoke after Collins and said she too would be unable to vote for DeVos' confirmation. They also said they're concerned with DeVos' lack of knowledge about a 40-year-old law governing special education.
With the inquiry gathering pace, party officials began to wonder whether, and how, they might replace him. The poll was carried out online on Monday and Tuesday among 974 people. "I'm confident, I'm unperturbed".
Reports say that Magic is also interested in DJ Augustin, Jeff Green, Mario Hezonja, Jodie Meeks, and Serge Ibaka. And he is close friends with Anthony, a friend who he certainly would like to help earn a championship ring.
But instead it is Egypt who progress to the last four, their bid to win the title for a record eighth time still very much alive. They are the sons of Ghana football legend Abedi "Pele" Ayew , ranked among the greatest African footballers of all time.
The tribe is trying to steer protesters to a March 10 event called the Rise with Standing Rock Native Nations March on Washington. But earlier this week, acting Secretary of the Army Robert Speer ordered the corps to allow the work to go ahead.
U.S. rival General Motors reports its figures next week, but it is expected to lag behind both the Japanese and the German firms. What's more, VW CEO Matthias Mueller recently said the company would no longer make volume leadership one of its primary goals.
His expanded role in the White House was followed on Saturday by the hashtag, #StopPresidentBannon , trending on Twitter . John McCain, chairman of the Senate Armed Services Committee, speaking on Sunday's Face the Nation .
Your youth also doesn't excuse you from more "traditional" heart issues like heart attacks , clogged arteries, and strokes. Volunteers knitted the red hats themselves and have delivered them to metropolitan hospitals for the babies to wear.
Senate Committee Approves Pruitt As EPA Head
Pruitt has sued the EPA repeatedly to prevent it from enforcing the law and even from relying on clear scientific evidence. Suh urges the full Senate to reject Pruitt's nomination because he's "uniquely unfit for the job".
Girl Scouts celebrate 100 years of cookie sales
For more information on where to buy cookies, visit the booth sale locator through the link included with this story on our website or download the Cookie Finder app on your mobile phone.
Over 82000 gamers have played Resident Evil 7 in VR
Other stats that reveal larger story spoilers are hidden behind a lock-screen that can be unlocked when you complete the game. But it's certainly not enough to spoil what is an otherwise stellar survival horror game that's dripping with atmosphere.
British PM Theresa May
Trump threw his weight behind Britain's exit from the European Union, saying it would be a "wonderful thing" for the country. The US-UK defence relationship is the deepest of any two countries, May said during the press conference.
Madeleine Albright: I will 'register as Muslim'
Albright believes she needs to show support to Muslim Americans who have felt persecuted by President Donald Trump . Albright also tweeted Wednesday that "America must remain open to people of all faiths & backgrounds".