According to a person with knowledge of
the situation, an investor group has offered
$5.8 billion to take Macy's private, Reuters reports.
.
The group reportedly consists of
Arkhouse Management and Brigade Capital.
They want to buy any Macy's stock that they don't
already have for $21 per share, sources say.
That represents a 20.76% premium from the stock's
closing price of $17.39 on Dec.
8, Reuters reports.
.
The buyout group is undoubtedly
interested in Macy's large real estate
portfolio, which has attracted activists
and potential buyers in the past, Morningstar analyst David Swartz, via 'The Hill'.
Upon news of the buyout offer, Macy's shares
were up 16% on Dec.
11, trading at $20.13.
The company's total real estate value is estimated
to be $8.5 billion, according to J.P.
Morgan analysts.
That comes to $31 per share, which is less than
the investor group's offer of $21 per share.
However, Arkhouse and Brigade said
that they are willing to "raise the offer
subject to due diligence," Reuters repots.
.
An investment bank has reportedly provided
a letter of support indicating its belief that
the group can secure financing for the deal
Biden Won’t Drop Out of Race , After Shaky Debate Performance, Campaign Official Says.
President Biden and former President Trump took part in a debate on June 27.
President Biden and former President Trump took part in a debate on June 27.
According to a CNN flash poll,
67% of viewers said Trump won the debate.
According to a CNN flash poll,
67% of viewers said Trump won the debate.
Biden's performance was noticeably concerning. .
One former Biden aide found themselves asking, “What did he just say?
This is crazy,” Politico reports. .
When the president wasn't speaking incoherently, he was standing with his mouth agape and staring into the distance, prompting many Democrats to call for a new presidential candidate, 'The Hill' reports. .
My job right now is to be really honest.
Joe Biden had one thing he had to do
tonight. And he didn’t do it, Former Sen. Claire McCaskill, to MSNBC .
He had one thing he had to accomplish.
And that was reassure America that
he was up to the job at his age.
And he failed at that tonight, Former Sen. Claire McCaskill, to MSNBC .
Biden needs to drop out.
No question about it, Prominent Biden campaign donor, via Politico.
But Seth Schuster, Biden's campaign
spokesperson, said in a text message,
"Of course he's not dropping out," 'The Hill' reports. .
Even though Biden intends to stay in the race,
if things don't go his way, there are six people who
could potentially take his place, 'The Guardian' reports. .
They are Kamala Harris, Gavin Newsom,
J.B. Pritzker, Gretchen Whitmer,
Sherrod Brown and Dean Phillips.
They are Kamala Harris, Gavin Newsom,
J.B. Pritzker, Gretchen Whitmer,
Sherrod Brown and Dean Phillips.
They are Kamala Harris, Gavin Newsom,
J.B. Pritzker, Gretchen Whitmer,
Sherrod Brown and Dean Phillips.
They are Kamala Harris, Gavin Newsom,
J.B. Pritzker, Gretchen Whitmer,
Sherrod Brown and Dean Phillips.
They are Kamala Harris, Gavin Newsom,
J.B. Pritzker, Gretchen Whitmer,
Sherrod Brown and Dean Phillips.
They are Kamala Harris, Gavin Newsom,
J.B. Pritzker, Gretchen Whitmer,
Sherrod Brown and Dean Phillips
Credit: Wibbitz Top Stories Duration: 01:31Published
Judge Blocks $30 Billion , Visa, Mastercard , ‘Swipe Fee’ Settlement.
Federal Judge Margo Brodie rejected the $30 billion antitrust settlement on June 25, 'The Hill' reports. .
In March, Visa and Mastercard agreed
to limit interchange fees that retailers
who accept their cards are charged. .
The companies said they would reduce swipe fees for at least three years by a minimum of 4 basis points.
They also agreed to "cap their fees at 2023 levels
for the next five years," 'The Hill' reports. .
Retail industry groups criticized the proposed settlement since it would only provide temporary relief to a larger problem. .
Thankfully, the judge made the right
call in recognizing what a bad deal
this would have been for Main Street
merchants and their customers. , Christopher Jones, member of the executive committee
of the Merchants Payments Coalition (MPC), via 'The Hill'.
It’s extremely unusual for a judge to
reject a settlement at the preliminary
stage, so this shows how far Visa and
Mastercard’s proposal missed the mark, Christopher Jones, member of the executive committee
of the Merchants Payments Coalition (MPC), via 'The Hill'.
The average swipe fee that retailers
pay is 2.24%, but it can go up to 4%,
according to the National Retail Federation.
The credit card payment market
has been broken for decades. , The Retail Industry Leaders Association, via 'The Hill'.
Leading retailers are grateful that
Judge Brodie saw through the facade
of the proposed settlement.., The Retail Industry Leaders Association, via 'The Hill'.
... and understood that it would not
provide the meaningful change that is
needed to correct the competitive
imbalance in the interchange ecosystem, The Retail Industry Leaders Association, via 'The Hill'.
Retailers have also called on lawmakers to pass the Credit Card Competition Act.
Supporters claim that the bill would break
up Visa and Mastercard's dominance
and allow for more competition
Credit: Wibbitz Top Stories Duration: 01:31Published
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