Macy’s shareholders are poised to get an early Christmas gift, especially given the performance of their stock of late.

Real estate investor Arkhouse Management and asset manager Brigade Capital Management have made a $5.8 billion buyout offer for the retailer, according to a report from Yahoo Finance late Sunday, which quoted people familiar with the matter. The offer will value Macy’s at about $21 per share, and was reportedly submitted December 1st. The corporate board of Macy’s is now reviewing the offer.

The offer was first reported by the Wall Street Journal earlier Sunday.

Macy’s declined media requests for comment on the offer.

The offer price would be a 32.4% premium over the closing price of the shares on November 30th.

Analysts note the Macy’s board, made up of a number of veterans of retail, such as former CEO of Home Depot Frank Blake, have a lot to consider as they review the offer.

One factor is that the all-time high stock price for Macy’s was $70.99, which it hit in June of 2015, according to data from Yahoo Finance.

However at the close on Friday, the stock was trading at $17.39.

Still, as recently as 2022, investment bank Cowen produced a valuation of the real estate owned by the retailer which pegged the value at $6 billion to $8 billion all by itself.

Macy’s real estate portfolio, with its iconic Herald Square location in New York City front and foremost, is viewed as a prized portfolio by those in the real estate sector. Various money mangers and others have produced a variety of valuations over the past decade for the portfolio, ranging from $3-4 billion.

The board will also have to calculate the effect of the disruption from a buyout process as the company heads into 2024.

Presently Macy’s is in the middle of its lucrative holiday shopping season, which will be recounted in its results in mid to late February. In addition, in February of next year, the company will see Tony Spring, a long-time executive take the reins as CEO from the retiring Jeff Gennette.