Macy's shares rose the most in nearly six months Friday after the Wall Street Journal reported that the Canadian retailer has made an approach, citing people it didn't name.
Macy's, with corporate offices in Cincinnati and NY, saw its stock soar Friday morning upon hearing the news.
The Journal reported talks between the two companies are in the early stages.
Hudson's Bay Co. Spokesman Andrew Blecher told WVXU, "We do not comment on rumor or speculation". Right now, the company has an enterprise value of around $16.0 billion. Hudson's Bay, meanwhile, acquired Saks Fifth Avenue back in 2013 for $2.4 billion.
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Hudson's Bay is quite a bit smaller than Macy's on some key measures.
While Macy's is an iconic name, and host of New York's annual Thanksgiving Day parade, the department store has been struggling through a turnaround, engineered by Chairman and Chief Executive Officer Terry Lundgren, who assumed the roles in 2004. He wants the company to focus more on its real estate value. Saks Fifth Avenue is a luxury retailer.
In 2015, Smith said that the company's real estate was worth more than $20 billion alone.
The retailer has been under pressure from activist investors displeased with its stock performance to sell of its stores into a real estate investment trust or look at ways of wringing out money from its physical assets.
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Shares of Macy's have jumped 6.8% to $32.81 at 12:24 p.m. today, and even provided a lift to Nordstrom (JWN), which gained 1.9% to $44.28, and Kohl's (KSS) rose 1% to $40.19.
Since the story broke, Macy's stock has climbed 5.17%.
Several sources said that Smith is seeking board seats at Macy's.
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