Arkhouse Management and Brigade Capital Management hiked their buyout offer
Shares of Macy's Inc (NYSE:M) are 9.8% higher at $19.68 at last check, after an investor group hiked its buyout offer. Specifically, according to a Wall Street Journal report, Arkhouse Management and Brigade Capital reportedly raised its takeover bid to $24.80 per share -- an extra $300 million.
On the charts, M is trading at its highest level since late May. The equity is eyeing its biggest single-day percentage gain since March. Macy's stock now stands more than 23.3% higher over the last 12 months, and its closing in on its year-to-date breakeven level.
The options pits are seeing unusually high activity today, with 21,000 calls and 6,714 puts traded so far, which is 8 times the intraday average volume. Most popular is the July 19 call, followed by the August 20 call.