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Activist Investor Takes Macy’s Stake, Urges Spin-off of E-Commerce Business
Activist investor Jana Partners has taken a stake in Macy’s and sent a letter to the department store chain’s board urging it to separate its e-commerce business, CNBC reported Thursday, following an earlier report by the Wall Street Journal. A source told CNBC that New York City-based Macy’s online business has already drawn interest from firms that would invest in it, in conjunction with a spinoff.
In a presentation earlier this month, Jana said Macy’s online business could be worth about $14 billion, twice the $7-billion market value the department store currently has. Jana suggested the split at that time without saying anything about its stake in the department store operator, reported CNBC.
Such a separation would mimic a similar one from department-store operator Saks Fifth Avenue, which earlier this year spilt off its digital business into a separate company. The deal valued Saks.com at $2 billion.
- ◦Sale/Acquisition

