Christmas is two weeks away, and the stores are bustling with shoppers. But why buy gifts when you can buy the whole department store? A group of investors had exactly that thought, and they have Macy’s in their sights.

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Macy’s receives a $5.8 billion buyout offer

Macy’s investors have made a $5.8 billion offer to take the department store private, according to the WSJ. The group, which includes Arkhouse Management and Brigade Capital, has offered $21 for each share it doesn’t already own, representing a 32% premium to where shares closed the day before.

The group thinks Macy’s is undervalued in the public markets, and has suggested it would be willing to increase its offer subject to due diligence. Macy’s made about $1.2 billion of profit on $24.4 billion in revenue in the last fiscal year, but the company’s stock price has fallen since its 2015 peak, when it traded as high as $70.

The investor group has discussed its proposal with Macy’s, whose board met to discuss the offer, but it’s not clear how the retailer views the proposal.

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