The investor group launched a $5.8 billion takeover bid for Macy's

Retail giant Macy’s revealed on Monday it will stop engaging in talks with Arkhouse Management and Brigade Capital Management about a potential acquisition.

Wall Street Journal reports that a private investor group has made a $5.8 billion offer for Macy's. Shares of Macy's shot up more than 20% in premarket trading Monday on a report of a buyout offer. Macy's shares soar on the report of the offer.

Macy's board of directors rejects $5.8B takeover bid from Arkhouse Management Co. LP and Brigade Capital Management LP. Macy's rejected the bid from significant stakeholders. Arkhouse and Brigade are significant stakeholders in Macy's. Macy’s board rejected the $5 billion bid.

Arkhouse Management and Brigade Capital Management sent a bigger buyout offer to Macy’s over the weekend. Their prior one was $21. Their prior offer was $22.50. Arkhouse management and Brigade capital Management bid is $24 per share they don't own.

Arkhouse Management and Brigade Capital launch $5.8 billion buyout bid for Macy's. Wall Street Journal reports Macy's is the focus of the bid. Arkhouse and Brigade are the two investment groups involved in the deal. Macy's has been a long-running source of revenue for decades.