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.
The Wall Street Journal, citing people familiar with the matter, reports that Hudson's Bay approached Macy's Friday about a possible takeover, or partnership agreement.
Discussions between Macy's and Hudson's Bay are preliminary and may not lead anywhere, according to the Wall Street Journal.
But now, things could be changing, because Macy's stock surged more than five percent on Thursday.
Instead, it looks like the beleaguered department store chain might put itself up for sale in a last-ditch effort to send Chairman and Chief Executive Terry Lundgren out without triggering an all-out board war.
Hudson's Bay Co. Spokesman Andrew Blecher told WVXU, "We do not comment on rumor or speculation".
In addition to its namesake department store chain and Home Outfitters home décor business, Hudson's Bay's retail portfolio includes Saks Fifth Avenue and Lord & Taylor, and the 80-store Galeria Kaufhof in Germany.
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The stock surged as much as 12 percent to $34.37 in NY, the biggest intraday gain since August 11. The department store world has been pummeled by a host of major changes in shopping patterns: Much of our spending is moving online, and these businesses have struggled to grab market share in that arena.
So it is no wonder that he wants to unlock more value from the company.
Since the story broke, Macy's stock has climbed 5.17%.
In 2015, Smith said that the company's real estate was worth more than $20 billion alone.
Reuters reports that Macy's investors have pushed the company to sell its real estate, or at the very least, separate its retail business from its real estate.
Several sources said that Smith is seeking board seats at Macy's.
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