Macy’s shares skyrocket led by Hudson’s Bay reported interest

Shares at Macy’s wheeled 10 percent on Friday on media reports that revealed the potential interest of Hudson’s Bay in buying the iconic department store chain.

‘Wall Street Journal’ reported Friday that the Toronto-based group might be interested in acquiring Macy’s, while a source familiar with the matter confirmed to ‘CNNMoney’ that an offer has been made but that discussions are still in preliminary stages.

To date, both companies have preferred to not comment on these reports arguing that they do not comment on rumours and speculation.

These media reports nothing but added to the ‘New York Post’ news published days before, informing of long-time CEO Terry Lundgren, who will be stepping down later this year, might look to sell the company before his term as CEO is up.

The stock has soared 12 percent in the past two days on the takeover speculation.