Posted at 11:42 a.m., Friday, September 14, 2007
Macy's shares rise on buyout speculation
Advertiser Staff
Macy's Inc. shares rose the most in two weeks and options traders increased bets the stock will advance amid renewed speculation that the second-largest U.S. department-store chain will be acquired, according to Bloomberg News."Macy's calls are trading briskly on the resurgence of takeover rumors," said Rebecca Engmann Darst, an equity options analyst at Interactive Brokers Group in Greenwich, Connecticut told Bloomberg.
Macy's shares advanced on June 22 and July 18 on speculation that bidders including Kohlberg Kravis Roberts & Co. may try to buy the Cincinnati-based company.
Besides its Mainland operations, Macy's is the largest operator of department stores in Hawai'i.
