Macy's receives $5.8 billion buyout offer, shares surge

Shares of US department store Macy's have surged on hopes of a $5.8bn buyout deal, as an investor group has offered to pay $21 for each share of the retailer that they do not already own. Macy's, which operates more than 720 stores in the US, has faced years of struggle due to declining sales, increased competition, and store closures. The offer values the firm's shares about 20% more than their previous worth, and reports of the deal have also boosted shares of rivals such as Kohl's and Nordstrom.