Macy's Soars on KKR Talk

A news report says a deal could be worth $24 billion.
Author:
Publish date:

Macy's (M) - Get Report soared 17% in early trading on a report the department store chain could be taken private by Kohlberg Kravis Roberts in a $24 billion deal.

Women's Wear Daily

reported the private equity firm is working with

Goldman Sachs

(GS) - Get Report

to take Macy's over at $52 a share. That's a 30% premium to Tuesday's closing price in the retailer, which earlier this month reported soft same-store sales and trimmed earnings estimates.

Shares rose $6.97 to $47.